What is the most significant cost of attending medical school?
a. Tuition and fees.
b. Books and incidentals.
c. The income foregone.
d. Room and board.
e. Pain and suffering.
C
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Accelerator theory refers to the theory of
A) consumption that emphasizes that current consumer spending depends positively on the expected future growth of GDP. B) investment that emphasizes that current investment spending depends positively on the expected future growth of government spending. C) consumption that emphasizes that increases in consumption spending will result, through the multiplier effect, in greater increases in GDP. D) investment that emphasizes that current investment spending depends positively on the expected future growth of GDP.
When no property rights exist
A) no one has an economic incentive to care for common property, and an externality may well occur. B) there will be no production. C) externalities will be internalized by voluntary arrangements among a small group of parties. D) society will produce beyond the production possibilities frontier, but the allocation of resources is not apt to be optimal.
Adverse selection is a situation in which one party, as a result of a contract, has an incentive to alter their behavior in a way that harms the other party to the contract
a. True b. False
Which of these is a central argument of Keynes's General Theory? a. Competition does not allocate resources efficiently in a modern industrial economy
b. Full employment can be maintained even during a major recession if wage rates are lowered far enough. c. Modern industrial economies do not tend automatically toward full employment rates of output. d. Money does not play an important role in either causing or curing recession. e. Government can best stabilize the economy by letting the market system automatically adjust toward full employment.