Defensive medicine refers to the idea that:
A. it is more cost-efficient to prevent illnesses than to cure them.
B. physicians may require unnecessary testing as a means of protecting themselves against
malpractice suits.
C. doctors know much more about diagnosing and treating illnesses than do health care
consumers.
D. physicians do not advertise their services or fees.
Answer: B
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Refer to Figure 24-2. Ceteris paribus, a decrease in the expected future price level would be represented by a movement from
A) SRAS1 to SRAS2. B) SRAS2 to SRAS1. C) point A to point B. D) point B to point A.
Bankers have a reputation for conservatism in politics, dress, and business affairs. Is there an economic rationale for this conservatism? Explain
Suppose the government wants to spend more. There is no unemployment. Which of the following would be the least inflationary?
A. Increase government expenditures and sell bonds to the Federal Reserve. B. Increase government expenditures and taxes at the same time. C. Increase government expenditures and reduce taxes. D. Increase government expenditures and use money already in the Treasury to finance these expenditures.
Price ceilings set below the equilibrium create:
A. externalities. B. unemployment. C. shortages. D. surpluses.