When agricultural production increases, the total amount paid for agricultural products tends to
a. increase because demand is price elastic
b. decrease because demand is price elastic
c. increase because demand is price inelastic
d. decrease because demand is price inelastic
e. remain constant because demand is price inelastic
D
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Due to automatic stabilizers, when the nation's total income rises, government transfer payments
A. and tax revenues increase. B. decrease and tax revenues increase. C. increase and tax revenues decrease. D. and tax revenues decrease.
A possible rational reason why older people, on average, show less interest in learning how to use new technologies is because
A) older people are not as smart as (today's) young people. B) they are acting irrationally. C) they have fewer years to gain a return from learning how to use new technologies. D) the financial cost for older people is greater than the cost to younger people.
If the demand curve for a life-saving medicine is perfectly inelastic, then a reduction in supply will cause the equilibrium price to:
a. rise and the equilibrium quantity to fall. b. rise and the equilibrium quantity to stay the same. c. rise and the equilibrium quantity to rise. d. stay the same and the equilibrium quantity to fall.
Finding a method of resource allocation is essential to any medical care system. Which one of the following statements supports this proposition?
a. Because good health is our top priority, we have all the resources necessary to produce all the medical care that we want. b. Resources used in medical care have alternative uses that are also beneficial. c. Resources are plentiful. There are always enough to produce everything that is desired. d. Most people are willing to wait for access to care. Eventually, the resources will be available to provide that care.