Most empirical studies show that the cost-savings provided by managed care are accomplished by
a. better preventive care.
b. reducing the rate of hospitalization.
c. denying access to costly specialty care.
d. switching to generic drugs.
e. all of the above.
B
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When the wage rate rises, a worker is better off and thus chooses to have more leisure and more consumption. This phenomenon is known as
a. compensating differential. b. the income effect. c. the substitution effect. d. intertemporal substitution.
All of the following contribute to greater deficits when unemployment rises and reduce the deficit during an inflationary gap except for
A. Progressive personal income taxes. B. U.S. exports. C. Welfare benefits. D. Unemployment insurance benefits.
In the absence of an even-handed legal system, high transaction costs will eliminate many potential mutally advantageous trades and the accompanying gains from
What will be an ideal response?
If your business earns $100,000 in revenues, has explicit costs of $80,000, and implicit costs of $50,000, your economic profit is
A. -$30,000. B. $20,000. C. $30,000. D. $50,000.