Holding all other personal characteristics-such as age, gender, and income-constant, economists would expect that
A) people with health insurance are less likely to be overweight than people without health insurance.
B) people with health insurance are more likely to be overweight than people without health insurance.
C) people with health insurance are equally likely to be overweight as people without health insurance.
D) there is no correlation between having health insurance and being overweight.
Answer: B
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As a result of the large surpluses following the Clinton Administration, what did President George W. Bush do in 2001, which reduced the surplus?
A) lowered the interest rate to stimulate spending B) increased government spending C) made substantial cuts in taxes D) raised the interest rate to reduce spending
Suppose Carmen buys ramen noodles. To determine whether ramen noodles are a normal or inferior good for her, we must observe how Carmen
A) responds to a change in the price of a substitute for ramen noodles. B) responds to a change in the price of a complement for ramen noodles. C) responds to a change in the price of ramen noodles itself. D) responds to a change in her income. E) responds to all of the above.
For the monopolist, marginal revenue is
A) equal to price. B) less than average revenue since price must be lowered to sell additional units. C) greater than price. D) not a consideration in the firm's pricing.
To an economist, the cost of a college education
a. includes the income that the student could have earned during the time spent in college. b. can be measured solely by the dollar cost of tuition, books, and other fees. c. includes only the cost of schooling, not the cost of housing and food. d. excludes financial aid in computation of the cost of schooling. e. All of the above are correct.