Which of the following is correct?
a. Deficits always require people to consume at the expense of their children.
b. If the government uses funds to pay for investment programs, on net the debt need not burden future generations.
c. If the government is in debt it must be running a deficit currently.
d. The current government debt is a large share of lifetime income.
b
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An increase in the number of people in the United States with health insurance could cause the cost of providing health care services to increase as the incentive for health care providers to minimize costs decreases
Indicate whether the statement is true or false
Which of the following is false? a. The price elasticity of supply measures the sensitivity of the quantity supplied to the changes in the price of the good. b. The price elasticity of supply is defined at the percentage change in the quantity supplied divided by the percentage change in price. c. Goods with a supply elasticity that is greater than 1 are called relatively elastic in supply
d. When supply is inelastic, a 1 percent change in the price of a good will induce a more than 1 percent change in the quantity supplied.
FDA approval is ________ if the increase in costs to patients (including the increase in deaths) is less than the increase in benefits due to more rapid approval.
A. too stringent B. just right C. too lax
Suppose that a consumer who spends her budget on X and Y is initially at equilibrium. If the price of X increases, then the MU/P of X will:
A. Decrease and the consumer will respond by buying more Y and less X B. Decrease and the consumer will respond by buying more X and less Y C. Increase and the consumer will respond by buying more Y and less X D. Increase and the consumer will respond by buying more X and less Y