In some countries, medical care is provided free-of-charge to citizens and is paid for by the government. In those countries, medical care:
A. is available at zero opportunity cost.
B. does not exhibit diminishing marginal returns.
C. is rationed by some non-monetary method.
D. is not a scarce resource.
Answer: C
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A signal is
a. anything used to show employees in a market that demand in a profession has increased b. anything used to show employees in a market that supply in a profession has increased c. a proxy used to indicate possession of unobservable qualities required for a particular job d. a way for employers to discriminate against certain groups of people e. a way for employees to learn to stay out of certain professions
Suppose the population of the U.S. is 300 million people. Of these, the U.S. Bureau of Labor Statistics classifies 70 million people as "not surveyed," 80 million people as not in the labor force, and 144 million as employed. What would be the unemployment rate in this example?
Select one: a. 2% b. 4% c. 6% d. 8%
Consider a perfectly competitive industry in a long-run equilibrium. If a single firm in that industry discovers a significant cost-saving production technology, then:
A. all firms in the market will earn an economic profit in the short run. B. the firm will earn an economic profit in the long run. C. all the firms in the market will earn an economic profit in the long run. D. the rest of the industry will quickly adopt the new technology.
During times of financial hardship, the number of people on public assistance ______, causing aggregate demand to ______.
a. decreases; decrease b. increases; increase c. decreases; increase d. increases; decrease