What are the two major problems facing the health care system?
What will be an ideal response?
First, the costs of health care are high and growing rapidly. Second, many Americans are uninsured and do not have access to health care or adequate coverage by the system.
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Of the three major economic questions, which of the following is the best example of a "How?" question?
A) Should we produce more heavy fleece coats? B) Should we spend more on health care? C) Should we collect tolls on turnpikes using human toll collectors or mechanized toll machines? D) Should we eat more oatmeal? E) Should we build log homes or build factories from bricks?
The figure above shows a labor market. If there is a monopsony in this labor market, the monopsony pays a wage rate
A) greater than the value of marginal product of labor. B) equal to the value of marginal product of labor. C) less than the value of marginal product of labor. D) equal to the average revenue product of labor.
A demand curve generally
a. is a straight horizontal line. b. is a straight vertical line. c. slopes downward to the right. d. slopes downward to the left.
Which is a behavioral economics justification for limiting advertising directed towards children?
A) Children have no money. B) Children pester their parents too much. C) Children have no memory. D) Children do not always have transitive preferences.