Refer to the information provided in Table 22.2 below to answer the question(s) that follow.
Table 22.2
Refer to Table 22.2. The total number of people employed is
A. 180 million.
B. 153 million.
C. 135 million.
D. 117 million.
Answer: C
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Why does a demand curve with a constant slope not have a constant elasticity?
What will be an ideal response?
When a person buys a bond of the XYZ Corporation, he or she can expect to
A. pay the corporation a certain amount of money each quarter of the year. B. receive the face value of the bond each year and the face value of the bond when the bond matures. C. receive the coupon rate times the face value of the bond each year and the face value of the bond when the bond matures. D. receive the face value of the bond each year in perpetuity.
What effect have Medicare subsidies had on the consumption of medical services?
A) The consumption of medical services has been unaffected, because people don't consider the financial cost when seeking services related to their health. B) The consumption of medical services has been unaffected, because government restrictions have prevented patients from seeking a level of care above and beyond what they would choose if they had to pay for medical treatment out of pocket. C) The consumption of medical services has increased because Medicare subsidies give people the incentive to seek more care than they would otherwise. D) The effect cannot be measured because it is difficult to quantify the amount of resources devoted to our health care system.
Technological progress increases the efficiency of mass producing HDTV-capable television sets. At the same time, more cable and television networks begin broadcasting in HDTV format, increasing the appeal of HDTV-capable television sets. On the basis of this information, what can be said about conditions in the HDTV market? a. The equilibrium quantity and price of HDTV-capable sets will
increase. b. The equilibrium quantity of HDTV-capable sets will increase and price will decrease. c. The equilibrium quantity of HDTV-capable sets will increase and what happens to price is indeterminate. d. The equilibrium quantity of HDTV-capable sets will decrease and price will increase.