The concept quality-adjusted life year (QALY)
a. is a multidisciplinary approach to measuring health status.
b. has little application to medical decision making.
c. is used extensively in the U.S. to evaluate health care programs.
d. is used extensively to evaluate medical care resource allocation within government-run programs on fixed budgets, especially in Europe.
e. none of the above.
D
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The monopolist should NEVER produce in the
A) elastic segment of its demand curve because it can increase total revenue and reduce total cost by lowering price. B) inelastic segment of its demand curve because further lowering of the price reduces total revenue. C) range of output for which the price elasticity of demand is infinity. D) range of output for which there is a price elasticity exceeding one.
Suppose that a retailer sells 500 six-packs of Dr. Pepper per day at $3.50/six-pack. Also, suppose that the cross-price elasticity between Dr. Pepper and Pepsi is 0.6. If the retailer lowers the price of Pepsi from $4.00 to $3.60/six-pack, what is the
percentage change in the price of Pepsi? A) 10% increase B) 10% decrease C) 6% decrease D) 6% increase
The "Asian crisis" was responsible for all of the following effects on U.S. agriculture beginning in 1998 except
A. Decreasing grain prices. B. Decreasing employment in the U.S. farm equipment industry. C. Decreasing farm exports to Asia. D. Decreasing regulation of farmers.
A dividend is is paid by shareholders to firms.
Answer the following statement true (T) or false (F)