Doctor Hugh R. Sick recommends his patient take 2 units of insulin per day to successfully manage her diabetes condition. In a different office across town, Doctor I. M
Dismal, an economics professor, tells his student to read every assigned textbook chapter to successfully pass economics. In spite of the sage advice of the doctor and professor, the economic way of thinking recognizes A) patients don't always follow their doctor's orders.
B) students don't always follow their professor's pleas.
C) substitutes for prescriptions and textbook assignments exist; patients and students demonstrate their desire for substitutes through their actions.
D) all of the above are true.
D
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In early 2012 the price of computer hard disc drives rose. In a demand and supply model, shifts in what curve or curves could have brought about the higher price?
What will be an ideal response?
Which of the following is definitely not a nonexcludable public good?
A. national defense B. elementary education C. flood control D. charitable giving E. None of the above; all are nonexcludable public goods.
Hyperinflation refers to a period of extremely erratic inflation rates
a. True b. False Indicate whether the statement is true or false
Environmental destruction is peculiar to centrally planned economies
a. True b. False Indicate whether the statement is true or false