Most economists who have studied the health care industry have concluded that there is:
A. An under allocation of resources for health care in the United States
B. An over allocation of resources for health care in the United States
C. Insufficient technological progress in the medical industry
D. A need for government price controls for physicians' fees
B. An over allocation of resources for health care in the United States
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Why is money as a medium of exchange important in an economy?
What will be an ideal response?
If consumer income and prices increase by the same percentage,
A) the consumer will buy more of both goods. B) the consumer will buy more of both goods if they are both normal goods. C) the consumer will buy less of both goods if they are both inferior goods. D) the consumer's utility maximizing bundle stays the same.
The elasticity of demand for gasoline has been estimated to be ?2.0, and the standard error is 0.25. The t-statistic for the estimated elasticity of demand for gasoline is:
A. 0.5, indicating a statistically significant elasticity estimate at the 95 percent confidence level. B. 8, indicating a statistically insignificant elasticity estimate at the 95 percent confidence level. C. ?8, indicating a statistically significant elasticity estimate at the 95 percent confidence level. D. ?0.5, indicating a statistically insignificant elasticity estimate at the 95 percent confidence level.
When inflation turns out to be different from what was expected, purchasing power is ________.
A. decreased B. redistributed C. destroyed D. increased