The concept quality-adjusted life year (QALY):
a. is given an arbitrary value when applied to a real world problem.
b. is a multidisciplinary approach to measuring health status.
c. is used extensively to evaluate medical care resource allocation within government-run programs on fixed budgets, especially in Europe.
d. is used extensively in the US to evaluate health care programs.
e. has little application to medical decision making.
c. is used extensively to evaluate medical care resource allocation within government-run programs on fixed budgets, especially in Europe.
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Suppose the government has a $1.2 trillion budget deficit. If the government borrows $1.2 trillion to finance this deficit and finances the rest by printing money, the amount of new money created will be
A) $0. B) $600 billion. C) $1.2 trillion. D) $2.4 trillion.
Refer to Figure 2-2. At Point A in the production possibilities graph shown above, the economy:
A. is not using its resources efficiently. B. is using its resources efficiently while producing clothing but no food. C. is using its resources efficiently while producing food but no clothing. D. is using its resources efficiently to produce both food and clothing.
A price floor that sets the price of a good above market equilibrium will cause:
a. a decrease in quantity demanded of the good. b. an increase in quantity supplied of the good. c. a surplus of the good. d. all of these.
Which of the following is an example of market failure?
a. Public goods. b. Externalities. c. Lack of competition. d. all of these.