Which of the following is a basic human need?
a. Transportation
b. Healthcare
c. Money for gas
d. College level education
e. Savings
b
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Higher deductibles for employer-provided health care will tend to shift the ________ curve for medical services to the ________
A) supply; left B) supply; right C) demand; left D) demand; right
Economics is the study of:
A. the financial concerns of businesses and individuals. B. the role of government in limiting the choices people make. C. whether we will have enough resources in the future. D. choice in the face of limited resources.
Refer to the graphs shown, which show indifference curve analysis with the associated demand curves.
The best explanation for a movement from point D to point E is:
A. an inward rotation of the budget constraint along the x-axis, forcing the consumer to move from point B to point A. B. an outward rotation of the budget constraint along the x-axis, allowing the consumer to move from point A to point B. C. an inward rotation of the budget constraint along the y-axis, forcing the consumer to move from point C to point B. D. a parallel shift of the budget constraint, allowing the consumer to move from point A to point C.
At what point is the percent of price reduction the same as the percent of quantity increase?
a. ED >1
b. ED = 1
c. ED < 1
d. ED x 1