Refer to the above figure. Suppose that the supply curve shifts from SA to SB while the demand curve remains at DA. Which of the following is TRUE?
A. Only quantity demanded has decreased.
B. Only quantity supplied has increased.
C. Supply has increased.
D. Supply has decreased.
Answer: C
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Money functions as a store of value if it allows you to
A. make exchanges in a more efficient manner. B. increase your confidence in money. C. delay purchases until you want the goods. D. measure the value of goods in a reliable way.
Which of the following is part of an economic model?
A) assumptions B) norms C) preferences of economic agents D) opinions
The labor supply curve shows how many workers are willing to work
A. at any given wage. B. in order to maximize the firm's profit. C. at the minimum wage. D. at any given time. E. in a particular industry.
Answer the following statements true (T) or false (F)
1) Asymmetric information in the health care market has increased the supply of health care. 2) A moral hazard problem arises in the health care market because health insurance encourages people to overconsume health care. 3) Insurance companies use deductibles and copayments to control increases in the amount of health care demanded. 4) Because employer payments for health insurance are not subject to income or payroll taxes, government in effect provides a subsidy to health care.