In the 19th century hospitals had notorious reputations—questionable places to visit, risky places to stay. What advances changed all this?
a. Development of the germ theory of disease.
b. Advances in medical technology.
c. Availability of health insurance to pay the bills.
d. All of the above.
D
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The demand for salt is probably more inelastic at generally prevailing prices than the demand for potatoes because
A) potatoes require salt but salt does not require potatoes. B) salt has long been a favorite target for taxation. C) salt is cheap relative to most users' incomes and has few good substitutes. D) salt will keep longer than potatoes before spoiling. E) there is so much potential salt in the ocean.
Over the past 100 years, real GDP per person in the United States has grown at an average of ________ percent a year
A) 1 B) 2 C) 3 D) 4
Tariffs ________ consumer surplus and import quotas ________ consumer surplus
A) decrease; decrease B) increase; increase C) decrease; increase D) increase; decrease
The Japanese banking system went through a cycle of ________ in the 1990s similar to the one that occurred in the U.S. in the 1980s
A) regulatory forbearance B) policy antagonism C) regulatory ignorance D) policy renewal