Because the cost of healthcare as a percent of GDP rises and as a result productivity gains tend to fall, it is said the healthcare industry suffers from ________________________.
Fill in the blank(s) with the appropriate word(s).
Baumol's Disease
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In which industry is monopolistic competition most likely to be found?
A. mining B. agriculture C. retail trade D. utilities
Marginal utility theory predicts that when income increases a
A) person's total utility will not change. B) person might increase the consumption of some normal goods and decrease the consumption of other normal goods. C) person's consumption of normal goods will increase. D) None of the above answers is correct because marginal utility theory does not address how demand changes in response to changes in income.
If the Apple Watch and the Samsung Gear S2 are considered substitutes, then, other things equal, an increase in the price of the Apple Watch will
A) increase the quantity demanded for the Apple Watch. B) increase the quantity demanded for the Gear S2. C) increase the demand for the Gear S2. D) decrease the demand for the Apple Watch.
Within the Keynesian cross, the adjustment towards equilibrium occurs through:
A) inflation. B) inventories. C) interest rates. D) none of the above.