Which of the following statements is the most important reason that medical care markets do not fit the competitive model very well?
a. Consumers have a difficult time evaluating the quality of care.
b. There are so many not-for-profit providers in the market.
c. There are too many low-income consumers desiring to purchase medical care.
d. Consumers have a difficult time determining prices before the transaction is completed.
e. Providers find it easy to transfer their resources to other uses.
d. Consumers have a difficult time determining prices before the transaction is completed.
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When Homer has 5 doughnuts, his marginal value is 15¢ per doughnut. We can conclude that Homer
a. places a value of 3¢ on each doughnut he owns. b. needs to purchase more than 5 doughnuts to reach his optimum. c. receives 75¢ worth of total satisfaction from his 5 doughnuts. d. would refuse to pay more than 15¢ for a sixth doughnut.
Refer to the scenario above. The principal in this case is ________
A) $10 B) $300 C) $3,000 D) $3,300
According to your textbook, Keynesian economic theory
A) argues that federal budget deficits were necessary during periods of rapid economic growth. B) questioned the use of the federal budget deficit as a policy tool to manipulate and fine-tune the economy. C) helped break the mentality that federal budget deficits were improper. D) did all of the above. E) did none of the above.
From the economist's point of view
A) wants and needs are exactly the same. B) a want is a lifesaving necessity. C) needs are objectively undefinable. D) we all have wants but only very poor people have needs.