If the demand for a good increased, what would be the effect on the equilibrium price and quantity?
What will be an ideal response?
Price would increase, and quantity would increase.
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Refer to Figure 7-5. With insurance and a third-party payer system, what price do doctors receive for medical services?
A) $40 B) $55 C) $65 D) > $65
The reduction of structural unemployment in the United States' economy may require
a. an increase in the minimum wage. b. a reduction in government spending. c. an decrease in interest rates. d. increased spending on worker retraining.
Refer to Exhibit 6-3. What is the random variable in this experiment?
a. the weight of football players b. 200 pounds c. 25 pounds d. the normal distribution
The cyclically adjusted deficit is the difference between annual government expenditures and tax revenues that would have occurred if the economy was:
A. in a recession. B. at zero unemployment. C. at full employment. D. at the trough of the business cycle.