The income elasticity of demand for health care is generally less than 1, indicating consumers consider these services to be luxuries
Indicate whether the statement is true or false
FALSE
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Which of the following is likely to happen if the government imposes a tariff?
A) Domestic producers will be worse off. B) Domestic producers will face higher foreign competition. C) Domestic producers will face fewer foreign competitors. D) Domestic consumers will be better off.
The Federal Deposit Insurance Corporation insures
A) banks against lawsuits. B) the deposits held in the Fed. C) the federal funds market. D) the deposits held in member banks.
A potential problem arises in principal-agent relationships
a. because the agents' actions are not completely observed by the principals b. because the principals' actions are not completely observed by the agents c. because the agent's and the principals' actions are completely observed by each other d. the observability of actions is irrelevant
If a single union supplies all the labor in a competitive labor market, the union probably will:
A. increase union membership to increase wages. B. increase labor supply to raise employment. C. behave as a monopsonist. D. restrict labor supply to raise wages.