Health Care is not like other goods and services because
A. we tend to like to go to the doctor and do it for enjoyment, whereas we hate going to the dentist.
B. people go to the doctor to find out what is wrong, whereas they get other services knowing more about what they need.
C. people go to the doctor to find out what is wrong, whereas they get other services knowing more about what they need and if a newly discovered cure costs a lot, we say, incorrectly, that its price has risen.
D. if a newly discovered cure costs a lot, we say, incorrectly, that its price has risen.
Answer: C
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Signaling is when someone takes action to:
A. reveal private information about someone else. B. reveal one's own private information. C. find out the opportunity cost of acquiring more information. D. None of these statements is true.
General Equilibrium assumptions are the same assumptions we used in a ___________________
Fill in the blank(s) with the appropriate word(s).
In equilibrium, with diminishing marginal products, the slope of the PPF is equal to:
a. the ratio of prices for the products. b. the slope of the highest possible indifference curve. c. the ratio of the marginal products of labor. d. the ratio of prices for the products, the slope of the highest possible indifference curve, and the ratio of the marginal products of labor.
At the present, saving is ______.
a. not taxed b. taxed at a relatively low rate c. taxed at a relatively high rate d. seldom taxed