Which of the following is not a basic characteristic of a perfectly competitive market?
a. a large number of buyers and sellers
b. significant nonprice competition among firms
c. a standardized product produced by firms
d. no barriers to entry
e. no barriers to exit
B
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In the United States in 2014, a majority of people received health care through
A) Medicaid. B) their employers. C) individually purchased insurance policies. D) Medicare.
If M = $5,000, P = $20, and Q = 2,000, then V is
A) 2.0. B) 4.0. C) 5.0 D) 6.0 E) 8.0
Finding a method of resource allocation is essential to any medical care system. Which one of the following statements supports this proposition?
a. Because good health is our top priority, we have all the resources necessary to produce all the medical care that we want. b. Resources used in medical care have alternative uses that are also beneficial. c. Resources are plentiful. There are always enough to produce everything that is desired. d. Most people are willing to wait for access to care. Eventually, the resources will be available to provide that care.
Keynesians
A. believe capitalism is inherently stable. B. contend that government intervention in the economy is undesirable. C. advocated a laissez faire policy. D. believe wages and prices are inflexible downward.