The demand for health care in industrially advanced economies is:
A. highly elastic with respect to both price and income.
B. highly inelastic with respect to both price and income.
C. highly elastic with respect to income but highly inelastic with respect to price.
D. about unit elasticity with respect to income and relatively inelastic with respect to price.
Answer: D
You might also like to view...
In the summer of 2008, the price of gasoline increased greatly. If the demand curve for gasoline did not shift, which of the following occurred?
A) Drivers received no consumer surplus after the price increase. B) Consumer surplus increased if drivers drove less. C) Consumer surplus decreased. D) If consumers drove the same amount, they received less total benefit. E) Both the marginal benefit from each gallon of gasoline and the consumer surplus from each gallon of gasoline decreased.
Agraria uses bushels of wheat to quote prices. In this case, bushels of wheat act as a
A. medium of exchange. B. store of value. C. commodity value. D. unit of account.
The 2010 Federal Personal Income six tax brackets range from 10 percent for individuals earning less than $8,025 to 35 percent for those earning over $357,700. The personal income tax system is
A) regressive. B) progressive. C) proportional. D) flat-rate.
What are the conditions for equilibrium in indifference curve analysis?
Please provide the best answer for the statement.