The twin economic problems of the U.S. health care industry are the
A) rising health care costs and the declining quality of health care services.
B) rising health care costs and the rising malpractice insurance costs.
C) rising health care costs and the moral hazard problem in health care services.
D) declining rate of immunization rates and the rising malpractice insurance costs.
Answer: C
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As a curve approaches a maximum point, the slope will
A) be positive, then negative after the maximum point. B) be negative, then positive after the maximum point. C) remain constant on either side of the maximum point. D) increase before and after the maximum point.
The government imposing a minimum wage is an example of an attempt to:
A. correct a market failure. B. redistribute surplus in a market. C. encourage the consumption of inferior goods. D. discourage the consumption of inferior goods.
Texas requires drivers to carry automobile collision insurance. Texas views this type of insurance as a
a. merit good b. public good c. nonrival good d. nonexcludable good e. voluntary good
Suppose that severe floods destroyed farms, homes, and businesses in the Midwest. Use the aggregate demand/aggregate supply model, to explain the changes you would expect to take place and the effects you would expect these floods to have on both output and prices. (Include both short-run and long-run effects.)