Your text suggests if the price of insulin were to significantly increase, more diabetics will
A) avoid refilling their prescriptions.
B) turn toward substitutes such as a better diet and exercise.
C) adopt holistic healthcare, organic medicines, and other perceived substitutes.
D) do all of the above.
E) do none of the above.
D
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What does the elasticity of supply measure? How is it calculated?
What will be an ideal response?
In the simple circular flow model, if planned I exceeds planned S, then
a. the economy is not at equilibrium. b. the size of the circular flow is increasing. c. if the economy is at full employment, then prices will rise. d. All of these.
What is an example of a good whose price goes down because of improvements in technology?
What will be an ideal response?
Which of the following cities has a Federal Reserve Bank located in it?
A. Detroit B. Miami C. Philadelphia D. Denver