Supporters of consumer-driven health care assert that:
a. competitive markets are the most efficient way to allocate limited health care resources
b. govenment agencies staffed by consumers should determine health care prices
c. both of the above
d. neither of the above
Answer: a. competitive markets are the most efficient way to allocate limited health care resources
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Refer to the figure below. The growth of access to the Internet will cause the marginal:
A. benefit curve to shift from MB2 to MB1. B. cost curve to shift from MC2 to MC1. C. benefit curve to shift from MB1 to MB2. D. cost curve to shift from MC1 to MC2.
If the price of hand calculators falls from $10 to $9 and, as a result, the quantity demanded increases from 100 to 125, then:
A. demand is elastic. B. demand is inelastic. C. demand is of unit elasticity. D. not enough information is given to make a statement about elasticity.
Shocks to the economy occur when:
A. stock prices rise by more than 10 percent per year. B. government takes a more active role in the economy. C. prices are flexible. D. actual economic events do not match what people expected.
Which of the following is NOT a determinant of consumer demand?
a. tasters and preferences b. household income c. the state of technology d. prices of related goods