Macroeconomists pay little attention to the composition of aggregate output.
Answer the following statement true (T) or false (F)
True
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Figure 10-7
Refer to Figure 10-7. Which of the diagrams in Figure 10-7 represents a decrease in consumer spending combined with a positive supply shock?
a.
Panels (A) & (B)
b.
Panels (C) & (D)
c.
Panels (A) & (C)
d.
Panels (B) & (D)
Scarcity is a condition that exists when
A) there is a fixed supply of resources relative to the demand for the product. B) there is a large demand for a product. C) resources are not able to meet the entire demand for a product. D) All of the above
Managed care
a. establishes a system of retrospective payment determined ex ante. b. combines the responsibilities of payer and provider of medical services. c. attempts to shift a portion of the financial risk onto providers. d. attempts to shift a portion of the financial risk onto patients. e. Both b and c are correct.
The marginal revenue product of an input is the marginal physical product times the price per unit of output under perfect competition
a. True b. False Indicate whether the statement is true or false