In the 1800s, public health boards were primarily concerned with _____
a. sanitary conditions in frontier areas
b. sanitary conditions in large cities
c. establishing public hospitals
d. regulating private hospitals
b
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The concept of price elasticity of supply measures the
A. sensitivity of sellers to price changes. B. slope of the supply curve. C. number of sellers in a market. D. extent to which the supply curve shifts as the result of a price decline.
Economic growth is defined as equal to the increase in
A) real GDP. B) population. C) the price level. D) the inflation rate. E) employment.
Every society faces some basic economic choices such as
a. what quantities of goods and services to produce. b. which resources to use. c. who gets to have what share of the output. d. All of these.
Which of the following best describes the "guiding function" of price?
A) In response to a surplus or shortage in two markets, price serves as a "guiding function" by decreasing in one market and increasing in the other market in the short run. B) The guiding function of price is the movement of resources into or out of markets in response to a change in the equilibrium price of a good or service. C) The guiding function of price occurs when the market price changes to eliminate the imbalance between supply and demand caused by a shortage or surplus at the original price. D) The guiding function usually occurs in the short run while the rationing function usually occurs in the long run.