Attacking inflation through wage/price controls is part of a
a. orthodox stabilization strategy
b. response to inertial inflation
c. strategy supported by the International Monetary Fund
d. response to rapid money supply growth
e. none of the above
B
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Which of the following statements is true?
A) A decrease in demand causes equilibrium price to fall; the decrease in price then results in a decrease in quantity supplied. B) If both demand and supply increase, there must be an increase in equilibrium price; equilibrium quantity may either increase or decrease. C) If demand decreases and supply increases one cannot determine if equilibrium price will increase or decrease without knowing which change is greater. D) A decrease in demand causes a decrease in equilibrium price; the decrease in price causes supply to decrease.
The Congressional Budget Office estimates that the payments to settle malpractice lawsuits and the premiums doctors pay for malpractice insurance account for ________ of health care costs in the United States
A) between 20 and 30 percent B) a vast majority C) roughly half D) less than 1 percent
Establishing different prices for similar products to reflect differences in marginal cost in providing those goods to different groups of buyers is
A) price discrimination. B) cost-plus pricing. C) price differentiation. D) product differentiation.
The poverty rate is defined as:
A. the percentage of the population that falls below the relative poverty line. B. the percentage of the population that falls below the absolute poverty line. C. the percentage of low income earners to high income earners. D. the lowest one percent of all income earners.