A rise in the general level of prices over time is called ________.
A) deflation
B) inflation
C) disinflation
D) deflection
B) inflation
Explanation: B) Inflation is a rise in the general level of prices over time. Deflation is a decrease in general level of prices over time. Disinflation is a decrease in the rate of inflation over time. Deflection is not an economic term.
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A goal of ________ is to give patients an incentive to pay more attention to the prices of medical services. This would tend to increase economic efficiency by decreasing the costs of medical services
A) government-provided health care B) market-based reforms of the health care system C) socialized medicine D) the Patient Protection and Affordable Care Act (ACA)
Which of the following terms identifies something that macroeconomists would study but that microeconomists would NOT?
A) incentives B) resources C) rationality D) aggregates
Which of the following is not necessarily a consequence of occupational licensing laws?
A) They restrict competition. B) Consumers pay higher prices for the services of licensed professions. C) They result in a higher quality of service. D) They ensure that licensed professionals meet some minimum qualifications.
A policy change represents a:
A. change in one aspect of the government's policy. B. systemic change in the relationship between the economy and the government. C. change in the political system. D. change from one economic system to another.