List and briefly explain three supply factors affecting rising health care costs
What will be an ideal response?
(1) Physicians have high incomes that add to medical costs, although it is difficult to identify what specific factors determine the high-income levels. (2) The productivity growth in health care has been slow. (3) Most new medical technologies have increased costs.
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How much the demand for one good changes in response to a change in the price of a different good is measured by:
A. price elasticity of supply. B. price elasticity of demand. C. income elasticity. D. cross-price elasticity.
If total utility increases when you consume more of a good, then marginal utility must also be increasing as consumption rises.
a. true b. false
As applied to voter behavior, the "rational ignorance" hypothesis claims
A) voters will have no incentive to be informed of political issues. B) voters will stop gathering information once the marginal costs exceed the marginal benefits. C) voters only vote on the basis of their instinctual or gut feelings. D) voters are selfish.
Refer to Table 8-27. What is the level of disposable personal income for this economy?
A) $1,080 billion B) $1,010 billion C) $980 billion D) $860 billion