Which of the following is NOT a consequence of the introduction of the Medicare program?
A) an increased quantity of medical services demanded
B) an increased ability for the elderly to obtain medical services
C) an increased ability for the poor to obtain medical services
D) a reduced demand for medical services
Answer: D
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A restaurant buys fish to offer as a daily menu special. The purchase of the fish by the restaurant is
A) an intermediate good. B) part of net exports if the fish was caught beyond the U.S. border. C) an investment. D) an example of government expenditures on goods and services. E) a consumption expenditure.
A survey in a particular city reveals that a majority of the retired workforce, aged between 60 years and 70 years, is returning to work to meet certain financial constraints. Other things constant, this is likely to: a. cause an upward movement along the labor supply curve. b. shift the supply curve of labor rightward
c. cause a downward movement along the labor supply curve. d. shift the supply curve of labor leftward.
If firms in a monopolistically competitive market are earning negative economic profits, the demand curve of a single firm will likely:
A. shift right, as other firms enter the industry. B. shift left, as other firms enter the industry. C. shift left, as other firms leave the industry. D. shift right, as other firms leave the industry.
The major economic cost of growth is:
A. consumption sacrificed for capital formation. B. higher interest rates. C. higher inflation rates. D. investment in stocks and bonds.