Which one of the following will shift the consumption function upward?
a. Higher interest rates.
b. An increase in real assets.
c. Expectations of future economic growth.
d. Lower capacity utilization rates.
e. A tax increase.
b
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The more times a worker performs a particular task, the more proficient the worker becomes at that task. This source of productivity increase is called
A) repetition. B) specialization. C) continuity. D) innovation.
As the price elasticity of supply approaches infinity, very small changes in price lead to
a. very large changes in quantity supplied. b. very small changes in quantity supplied. c. no change in quantity supplied. d. None of the above is correct.
Fee-for-service insurance
A. has fewer meddlesome bureaucrats than an HMO. B. is typically more expensive than an HMO covering the same illnesses. C. allows patients to pick their own doctor. D. all of the options are correct.
Economic forces:
A. are less powerful than social and political forces. B. are more powerful than social forces but less powerful than political forces. C. are more powerful than social and political forces. D. can be more or less powerful than political and social forces depending on the circumstances.