Which of the following would increase the supply of physicians?
a. Increasing the cost of attending medical school.
b. More scholarships and grants to cover medical school tuition.
c. Increasing the medical school entrance requirements to include 15 hours of economics.
d. Making it easier for plaintiffs to prove medical malpractice claims.
e. Paying medical schools to eliminate residency opportunities in some specialties.
B
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Sue's Surfboards is the sole renter of surfboards on Big Wave Island. Sues demand and marginal revenue curves are illustrated in the figure above. Sue's Surfboards currently rents 15 surfboards an hour. Sue's total revenue from the 15 surfboards is
A) $300. B) $225. C) $150. D) $10.
During normal times
A) fiscal policy is very effective because it the effects of fiscal policy will swamp automatic stabilizers and time lags can be. B) fiscal policy can immediately correct problems in the economy. C) the Ricardian equivalence theorem makes fiscal policy very effective. D) fiscal policy is not effective because of the recognition time lag.
Which of the following components of aggregate expenditure is most subject to crowding out?
a. Consumption expenditures b. Investment spending c. Imports d. Government purchases of goods and services e. National saving
Classify each of the following as debits or credits in the U.S. balance of payments. A. Russian tourists travel to United States. B. U.S. gives foreign aid to Bosnia. C. British investors purchase U.S. government bonds. D. American tourists travel to
Australia. E. Volkswagen earns profits in the United States from its new cars. F. Toyota builds a new plant in Ohio. G. Capital Records sells rock and roll music in Sweden. H. German consumer buy Ronco Vegematics made in United States. I. Procter & Gamble earns profits in their Mexican facility.