What impact do private insurance companies and Medicare have on national medical costs?
A) Medical costs go up because insurance leads to an increase in the quantity demanded of medical services.
B) Medical costs go up because insurance will lead to the reduction in the supply of medical services due to the amount of paperwork required.
C) Medical cost are unaffected by insurance companies.
D) Medical costs go down because the insurance company pays the bill.
A
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In South Asia and Sub-Saharan Africa, about what share of the labor force works in agriculture?
(a) One tenth. (b) One third. (c) One half. (d) Two thirds.
A "change in demand" is caused only by a change in the price of the good
Indicate whether the statement is true or false
Around 1910, the ______________ changed everything, including what was inside the home to where the homes were located
a. Airplane b. Radio c. Automobile d. Television
Which of the following is a major criticism of a monopoly as a cause of allocative inefficiency?
a. A monopolist fails to expand output to the level where the consumers' evaluation of an additional unit is just equal to its opportunity cost b. A monopolist has no incentive to produce efficiently, because even if it pays no attention to the costs of production, it will be guaranteed an economic profit c. A monopolist will always make profits therefore providing an incentive to keep prices at the level that maximizes consumer surplus d. A monopolist has an advantage because it can purchase the resources in a competitive market e. Consumer surplus would no longer be equal to producer surplus