What are some of the reasons used to explain improvements in health, education, democracy, and political stability in many low-income countries?
What will be an ideal response?
Reasons include increases in technology and knowledge, such as the development in inexpensive vaccines or the use of mosquito nets, and changes in attitudes, such as placing greater value on education or increasing support for political freedoms.
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Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
What is measured on the horizontal axis on the aggregate demand graph?
A) nominal income B) real GDP per year C) unemployment D) the price level
How can a health insurance mandate help in reducing the problem of adverse selection in the health insurance market?
What will be an ideal response?
A consumer will buy a new product rather than an existing product:
A. when the MU/P of the new product is less than the MU/P of the existing product. B. when the substitution of the new product for the old product increases the consumer's total utility. C. only if the new product has a lower price than the existing product. D. only if the MU of the new product exceeds the MU of the existing product.