When an economy expands, the unemployment rate is slow to drop because the labor force expands too.
Answer the following statement true (T) or false (F)
True
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The figure above shows the demand for and supply of rental housing in Smallton. If a rent ceiling is set at $400, what is the rent?
A) $800 B) $600 C) $400 D) None of the above answers is correct.
Suppose a heath care provider wants to ensure that its family doctors are offering patients referrals to specialists when appropriate. Offering referrals makes the doctors' work longer as they need to complete considerable paper work. Because the managers of the health care provider cannot monitor doctors during patient visits, the managers require that each doctor refers at least 40 percent of
their patients to a specialist each month or face a fine. If less than 40 percent of the patients actually need a referral to a specialist, this policy will result in all of the following occurring except which one? A) Patients who need to see a specialist and might not have otherwise received a referral are now likely to receive a referral. B) Doctors' time will be wasted completing unnecessary paper work. C) Patients who do not need to see a specialist will be referred to one. D) The doctor turnover rate at this health care provider should decrease.
Opportunity cost:
a. applies only to consumption decisions. b. applies only to production decisions. c. is the same as monetary costs. d. exists because of scarcity. e. is irrelevant for wealthy economies.
The price system automatically leads to an efficient allocation of inputs among the different production processes
a. True b. False Indicate whether the statement is true or false