When economists say that health care services are overconsumed, they mean that:
A. rich people buy too much health care and poor people buy too little.
B. some resources now used in the health care industry could produce alternative goods and
services that society values more highly.
C. health care is being purchased in amounts such that marginal benefits exceed marginal
costs.
D. the price of health care is below equilibrium so that quantity demanded exceeds quantity
supplied.
Answer: B
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A right-to-work law makes it illegal for
A) employers to refuse to hire union workers. B) union membership to be a requirement for continued employment in any establishment. C) union membership to be denied on the basis of race, gender, or national origin. D) a union to exist in a state.
Estimates of gross domestic product (GDP) are revised:
A. quickly and often. B. each month. C. only in the following quarter. D. for many years after the fact.
Assume there is an increased demand in the United States for Australian wines. If all other factors are held constant, this will result in
A) an increase in the U.S. dollar exchange rate for Australian dollars. B) an appreciation of the U.S. dollar. C) a movement along the demand curve for Australian wine. D) a decrease in the par value of the Australian dollar.
A change in consumer taste will prompt a change in _____.
Fill in the blank(s) with the appropriate word(s).