A problem with third-party financing of so much of health care is that
A) it reduces the quality of health care received by most people.
B) it discourages physicians from getting second opinions and running enough tests to be sure the right procedure is followed.
C) it causes the demand for medical services to increase, which causes health care costs to increase.
D) it discourages people from relying on the judgments of physicians in making decisions about health care.
Answer: C
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If desired spending is less than output, then firms:
A) accumulate their inventories and cut production. B) deplete their inventories and cut production. C) deplete their inventories and increase production. D) accumulate their inventories and increase production.
The net-export effect of contractionary monetary policy is a(n)
A) depreciation of the value of the dollar and the increase of U.S. net exports. B) depreciation of the value of the dollar and the decrease of U.S. net exports. C) appreciation of the value of the dollar and the increase of U.S. net exports. D) appreciation of the value of the dollar and the decrease of U.S. net exports.
A price floor of $23 placed on the market in the graph shown:
A. is binding, and causes a shortage.
B. is non-binding, and does not affect the market.
C. is binding, and causes a surplus.
D. is non-binding, and does not prevent the market from reaching equilibrium.
The theory of creative destruction was advanced many years ago by:
A. Bill Gates. B. Alfred Marshall. C. Joseph Schumpeter. D. Adam Smith.