Until the creation of the Marine Hospital Service in 1918, the primary role of the federal government in health care was to quarantine ships and control ports to prevent epidemics
a. True b. False
b
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Brand name products tend to have demand curves that are relatively more inelastic because
A) brand name products tend to have more substitutes. B) brand name products tend to have fewer substitutes. C) consumers are very sensitive to the prices of brand names. D) brand names are not valued.
Income is to money as
a. short story is to novel. b. video is to digital photo. c. song is to symphony. d. entree is to dessert.
The most complete definition of an economic system includes
(a) incentives, opportunity costs and markets. (b) resource allocation arrangements, property rights and incentives. (c) property rights and scarcity. (d) the laws of supply and demand, the principle of substitution and self-interest. (e) choice and the law of diminishing returns.
If the marginal cost of producing a public good is less than society's total willingness to pay per unit, then
A. the optimal amount of the public good is being produced. B. more than the optimal amount of the public good is being produced. C. the amount of output being produced could be either greater than or less than the optimal amount. D. less than the optimal amount of the public good is being produced.