In economics, the main difference between market and government stems from differences in
A) attitude.
B) prevailing property rights.
C) competition and cooperation.
D) men and women.
E) the majority and the minority.
B
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Medicare
A) subsidizes the care of older people, which gives them NO incentive to consume more medical services. B) subsidizes the care of older people, which gives them an incentive to consume more medical services. C) subsidizes the care of young people, which gives them an incentive to consume less medical services. D) subsidizes the care of middle aged people, which gives them an incentive to consume more medical services.
Using the above figure, the short-run break-even price for the perfectly competitive firm will be
A) P1. B) P2. C) P3. D) P4.
Keynesian analysis suggests that a planned budget surplus
a. will affect aggregate demand only if the money supply decreases by the size of the surplus. b. will stimulate both consumption and income. c. will stimulate output and employment. d. is proper during periods of inflation but may increase unemployment if timed improperly.
The main reason for the high price of antiques is that:
A. supply is relatively elastic and demand increases over time. B. demand is relatively inelastic and supply increases over time. C. demand is relatively elastic and supply increases over time. D. supply is relatively inelastic and demand increases over time.