Health Care is not like other goods and services because
A. people go to the doctor to find out what is wrong, whereas they get other services knowing more about what they need.
B. there is no motive to consume more than is economically efficient.
C. people do not have to pay for it.
D. we tend to like to go to the doctor and do it for enjoyment, whereas we hate going to the dentist.
Answer: A
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Suppose an airline ticket from Portland to Orlando costs $760 . A bus ticket costs $360 . Traveling by plane will take 6 hours, compared with 26 hours by bus. Other things constant, the minimum value of one's time that would induce a rational individual to fly rather than drive would be
a. $18 per hour. b. $20 per hour. c. $38 per hour. d. $44 per hour.
The argument that import restrictions save jobs and promote prosperity fails to recognize that
a. there are no secondary effects of import restrictions. b. import restrictions will lower prices in the protected industries. c. import restrictions cannot create jobs in any industries. d. U.S. imports provide people in other countries with the purchasing power required for the purchase of U.S. exports.
An equilibrium occurs in a game when
a. price equals marginal cost. b. quantity supplied equals quantity demanded. c. all independent strategies counterbalance all dominant strategies. d. all players follow a strategy that they have no incentive to change.
Suppose the MPC is .6 and consumption increases by $8 billion. Consequently, total income through the multiplier effect will:
a. $20 billion b. $8 billion c. $15 billion d. $13.3 billion