In terms of life expectancy and infant mortality, other OECD nations are able to generate superior health care outcomes with fewer resources relative to the United States
Indicate whether the statement is true or false
TRUE
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Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
A professor changes the penalty for cheating on exams from getting a 0 on the exam to getting an F in the course. The professor has
A) decreased the marginal benefit of cheating. B) recognized that students don't make rational choices. C) increased the marginal cost of cheating. D) made all the students act in the social interest. E) recognized that students don't respond to incentives.
Which of the following decrease the deadweight loss from a rent ceiling set below the equilibrium rent? i. lowering the ceiling ii. dedicating more resources to enforcement of the ceiling iii. raising the ceiling
A) i only B) ii only C) iii only D) i and ii E) ii and iii
In the long run, perfectly competitive firms earn just enough revenue to
A) pay all fixed costs. B) pay all accounting costs. C) pay all opportunity costs. D) attract entry.