Consumption expenditures include spending by households on:
A. residential housing.
B. exports.
C. services.
D. inventories.
Answer: C
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The figure above shows the market for annual influenza immunizations the United States. If there is NO external benefit from health care and the government does not intervene in the market, then the equilibrium price of immunizations is
A) $30. B) $20. C) $40. D) $60. E) $70.
In the United States, drugs need not be proven they are effective in doing what they claim to do before they can be sold
Indicate whether the statement is true or false
The Coase theorem asserts that the private market will always solve the problem of externalities and allocate resources efficiently
a. even if private parties experience substantial costs of bargaining. b. even if the initial distribution of legal rights is skewed in favor of some private parties over others. c. only when there is a large number of private parties that engage in bargaining. d. All of the above are correct.
When a country allows trade and becomes an exporter of a good, which of the following is not a consequence?
a. The price paid by domestic consumers of the good increases. b. The price received by domestic producers of the good increases. c. The losses of domestic consumers of the good exceed the gains of domestic producers of the good. d. The gains of domestic producers of the good exceed the losses of domestic consumers of the good.