The U.S. legal system mainly engages in activities that
A. involve defining and protecting property rights.
B. focus on producing public goods.
C. are dedicated to producing private goods.
D. focus on income redistribution.
Answer: A
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Which country had the highest per capita expenditures on health care in 2009?
A. Australia B. Japan C. Norway D. United States
Price discrimination by a firm is
A. illegal under all circumstances. B. legal if the firm can show that the difference in the prices charged customers is justified by a difference in the costs of serving them. C. legal if the firm can show that the demand for its good is relatively elastic. D. legal under all circumstances.
Suppose that if poor households have a price elasticity of demand for medical care of 0.70 and wealthy households have a price elasticity of demand for medical care of 0.10, then a 10% increase in the price of medical care would lead to poor households reducing their quantity demanded for medical care by:
A. seven times the amount that wealthy household reduce their quantity demanded for medical care. B. one-seventh the amount that wealthy households reduce their quantity demanded for medical care. C. one-tenth the amount that wealthy households reduce their quantity demanded for medical care. D. ten times the amount that wealthy household reduce their quantity demanded for medical care.
What is the United States' primary trade promotion initiative with Africa?
What will be an ideal response?