Which of the following will not change the demand for office visits to the physician?
a. unusually cold and damp weather during the winter.
b. a change in the price of an office visit.
c. layoffs at the local plant causing a decrease in the number of people with health insurance in the community.
d. television advertising by drug manufacturers to promote a new over-the-counter influenza treatment.
e. they all change the demand for office visits.
B
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What are some distinctions between light industry and heavy industry? Why do economies tend to start with light, and move to heavy industries?
What will be an ideal response?
Suppose the government increases unemployment benefits, which are paid for with higher taxes on earnings. If the marginal propensity to consume is the same for both the beneficiaries of the unemployment benefits and the workers paying taxes, _____. a. GDP will first increase and then fall. b. There will be no change in real GDP. c. Real GDP will increase substantially. d. Real GDP will fall
substantially. e. GDP will first fall and then increase.
Which of the following is NOT necessarily true in a market equilibrium?
A. Price represents the cost of an extra unit of production. B. Both rich and poor have adequate access to the good. C. Price represents the value of an extra unit of consumption. D. All mutually beneficial trades have been made.
If the tax on gasoline is increased, gas stations are most likely to pass most of this increase to the consumer if the demand is:
A. Unitary elastic B. Very inelastic C. Slightly elastic D. Perfectly elastic