Why does the history of the U.S. matter?
(a) Historical knowledge helps us understand the forces that shaped the current economy.
(b) The lessons of the past help us avoid future mistakes.
(c) Historical knowledge helps us identify who or what is most likely to fuel future
economic prosperity.
(d) All of the above.
(d)
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If inflationary expectations are based on all available information, they are referred to as
A) optimal. B) rational. C) adaptive. D) informed.
The determinants of labor demand include:
A. culture and other opportunities. B. supply of other factors and output prices. C. culture and technology. D. culture and population.
The tobacco industry has a Lerner index of 0.76. Based on this information, compute the optimal markup factor.
A. 0.24 times price B. 4.17 times price C. 4.17 times marginal cost D. There is not sufficient information to determine the optimal markup factor.
The current Medicare system is designed so that it actually encourages
A) cost reductions. B) higher costs of medical services. C) higher costs only for surgeries. D) lower drug costs for recipients.