Which of the following are determinants of differences in income?
A. marginal productivity
B. discrimination
C. age
D. all of these
Answer: D
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The rate of interest written on a contract between a borrower and a lender is the
A. nominal interest rate. B. real interest rate. C. implied interest rate. D. expected interest rate.
Before entering the debate of whether or not access to medical care is a right, it is important to distinguish between a negative right and a positive right. Which of the following statements is true?
a. Positive rights are freedom-preserving rights; they are enumerated in the U.S. Constitution. b. Negative rights are resource-extracting rights. They require taking resources from one person in order for someone else to receive them. c. Coercion of some kind is essential to guarantee a negative right. d. Entitlements such as Medicare and Medicaid are examples of negative rights. e. Consider the following situation: Peter has no money. In order for Peter to exercise his right to medical care, the law requires that Paul pay for it. This is an example of medical care as a positive right.
Strictly followed, the single-payer model requires a ban on private insurance for all covered medical services. Which country follows this model most closely?
a. Canada b. Germany c. United Kingdom d. France e. Switzerland
In Figure 9-13, a movement of equilibrium from point D to point C could be caused by a(n)
a.
decrease in supply from S2 to S1 in response to economic profits following a decrease in demand from D2 to D1
b.
increase in short-run supply from S1 to S2
c.
increase in supply from S1 to S2 in response to economic profits caused by an increase in demand from D1 to D2
d.
an increase in demand from D1 to D2 in the short run