Which of the following is a supply factor in the health care market?
A. Defensive medicine.
B. The aging of the population.
C. Slow productivity growth in the health care industry.
D. Asymmetric information.
Answer: C
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According to the AS-AD model, when real GDP is less than potential GDP, the unemployment rate is definitely
A) equal to the natural unemployment rate. B) rising. C) falling. D) greater than the natural unemployment rate. E) less than the natural unemployment rate.
Suppose that the consumer price index at year-end 2008 was 140 and by year-end 2009 had risen to 150 . What was the inflation rate during 2009?
a. 7.1 percent b. 10 percent c. 14.2 percent d. 50 percent
An increase in the income-dependent portion of the consumption function would correspond to a
A. Movement along the consumption function to the right. B. Movement along the consumption function to the left. C. Shift of the consumption function downward. D. Shift of the consumption function upward.
Profit maximization requires that
A) the marginal factor cost of every input equals that input's marginal physical product. B) the marginal factor cost of every input equals that input's marginal revenue product. C) the amount of one input hired divided by the amount of another input hired equals the total costs of the first input hired divided by the total costs of the second input. D) equal amounts of each input are employed.