The efficient response to a policy that provides free or heavily subsidized care to a substantial number of people is to:
a. shift the cost of free care to the fully insured population.
b. provide incentives to expand the availability of medical services.
c. initiate price controls to lower spending.
d. ration care by using waiting lists.
e. establish limited provider networks to redirect demand to preferred providers who follow published guidelines.
b. provide incentives to expand the availability of medical services.
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The sale of a used automobile would not be included in GDP of the current year because it is ________.
A. not a market transaction B. not current production C. a private transfer payment D. a purely financial transaction
The faster an automobile is driven (speed), the lower the miles per gallon (mpg) for that automobile. Given this information, we say that an automobile's speed and mpg have
A) a direct relationship B) an inverse relationship C) a linear relationship D) a maximum relationship
When the monetary base increases by $4 billion, the quantity of money increases by $10 billion. Thus, the money multiplier equals
A) 0.4. B) 2.5. C) 40.0. D) none of the above.
The invention of the integrated circuit by Jack Kilby of Texas Instruments gave rise to the information age. What did this technological change do the short-run supply curve?
A) It moved the economy up along a stationary short-run aggregate supply curve. B) It shifted the short-run aggregate supply curve to the left. C) It shifted the short-run aggregate supply curve to the right. D) It moved the economy down along a stationary short-run aggregate supply curve.