The prediction by the American Medical Association of a shortage of physicians by the year 2020 assumes

A) physicians' fees will not rise to a market clearing level.
B) physicians' services will be free goods.
C) physicians' services will no longer be scarce.
D) physicians will be willing to work for less income.


A

Economics

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A Giffen good has

A) a positive substitution effect. B) a negative income effect. C) a larger income effect than substitution effect. D) All of the above.

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In 1944 the U.S. economy was temporarily operating at point _________.


A. A
B. B
C. C
D. D

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If the multiplier is 5, then the MPC must be

A) 1/5. B) 1/6. C) 3/4. D) 4/5. E) 2/3.

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A worker's accumulated investment in education, training, experience, and health is called:

A. derived labor demand. B. collective entrepreneurship. C. seniority. D. human capital.

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