Refer to the figure that shows the market for U.S. health care. Other things equal, which of the following would shift the supply curve for medical care from S 1 to S 2 ?
A. Greater reliance on skilled nurses rather than physicians.
B. Higher insurance copayments and deductibles.
C. Higher physician fees.
D. Higher medical malpractice insurance premiums.
A. Greater reliance on skilled nurses rather than physicians.
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In the long run, foreign labor remains cheap when and if
A. it becomes highly efficient and competes successfully internationally. B. countries erect barriers to trade between poor countries. C. productivity increases more rapidly in poor countries than in rich countries. D. it remains inefficient compared to other countries’ labor.
Which of the following causes the quantity of money demanded to decrease?
A. an increase in the interest rate B. a decrease in nominal income C. an increase in the price level D. an increase in nominal income
Suppose the economy is initially operating at point A in the above figure. Which of the following statements is TRUE?
A) An unexpected reduction in aggregate demand will cause the economy to move from point A to point B in the short run. B) An unexpected reduction in aggregate demand will cause the economy to move from point A to point C in the short run. C) An unexpected reduction in aggregate demand will cause the economy to move from point A to point B in the long run. D) none of the above
Torrie is thinking of starting up a small business selling hand-painted wine glasses. She is considering setting up her business as a sole proprietorship. What is one advantage to Torrie of setting up her business as a sole proprietorship?
A) As a sole proprietor, Torrie would have the ability to share risk with shareholders. B) As a sole proprietor, Torrie would face limited liability. C) As a sole proprietor, Torrie would have both ownership and control over the business. D) All of the above would be advantages of setting up her business as a sole proprietorship.