Projections of the trajectory of inflation adjusted health spending made in 2016 had
A. it remaining relatively constant.
B. it acting like a sine wave.
C. it falling.
D. it growing.
Answer: D
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In the circular flow model,
A) the government has no direct interaction with either households or firms. B) the government is represented as a separate market. C) the government buys goods and services from firms. D) goods and services are sold by households and purchased by firms. E) factor markets are where goods rather than services are bought and sold.
Describe the mechanism by which supply creates its own demand.
What will be an ideal response?
If marginal benefit is equal to marginal cost, then the
A) producer surplus is equal to the consumer surplus. B) sum of producer surplus and consumer surplus is as large as possible. C) sum of producer surplus and consumer surplus equals zero. D) market has squeezed out total surplus so that it equals zero. E) deadweight loss is more than zero but less than its maximum.
If a product is an inferior good, then its income elasticity of demand is
A) zero. B) positive. C) negative. D) indeterminate. E) undefined.