A goal of ________ is to give patients an incentive to pay more attention to the prices of medical services. This would tend to increase economic efficiency by decreasing the costs of medical services
A) the Patient Protection and Affordable Care Act (ACA)
B) socialized medicine
C) government-provided health care
D) market-based reforms of the health care system
D
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Starting from long-run equilibrium, a large decrease in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; lower; potential B. expansionary; higher; potential C. recessionary; lower; potential D. recessionary; lower; lower
Using the information in Situation 20-1, if aggregate output equals $8,000, the unplanned inventory investment equals
A) -$100 B) $0 C) $100 D) $500
Use the Cobb-Douglas production function to explain why even massive movements of labor and capital across national borders may have little impact on differences in per capita income
What will be an ideal response?
The horizontal demand curve facing an individual firm in a perfectly competitive market: a. violates the law of demand, which states that demand curves slope downward. b. is a reflection of the firm's small size relative to the total market
c. is maintained only with the help of high barriers to entry. d. is a reflection of the inelastic demand for its product.