If the poor cannot afford proper medical treatment, an economist, for reasons of efficiency, would favor
a. giving the poor added income to spend as they see fit.
b. paying doctors bonuses to treat the poor.
c. paying the medical bills of the poor.
d. giving the poor "medical stamps."
a
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Which nation was not an ally of the United States during World War I?
a. Austria-Hungary. b. Britain. c. France. d. Russia.
It is difficult to explain how firms behave in an oligopoly because
a. they produce differentiated products b. there are many suppliers and few buyers c. they do not attempt to maximize profits d. each takes into account the behavior of other firms when making pricing decisions e. there are no barriers to entry or exit
For a given individual, as their income decreases, their utility from that income
A. decreases at an increasing rate. B. increases at an increasing rate. C. decreases at a decreasing rate. D. increases at a decreasing rate.
The GDP deflator is
A) an index that utilizes a consumer's market basket of goods in calculating the inflation rate. B) the most general indicator of inflation since it measures changes in the prices of all goods and services in the economy. C) an index used to calculate inflation at the wholesale level. D) the least used index because it is so costly to calculate.