One major factor contributing to rising health care costs is:
A. The increased use of expensive outpatient facilities
B. Reduced insurance coverage of new medical illnesses
C. Payments for medical services given to immigrants
D. The lack of patients' concern regarding cost of treatments
D. The lack of patients' concern regarding cost of treatments
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Bonnie can produce either 10 hats or 20 scarves in a month. Phil can produce either 10 hats or 5 scarves in a month. Therefore:
A) Phil has a comparative advantage in hats, Bonnie in scarves. B) Bonnie has a comparative advantage in hats, Phil in scarves. C) Phil has a comparative advantage in both hats and scarves. D) Bonnie has a comparative advantage in both hats and scarves. E) Neither of them has a comparative advantage in hats.
________ occurs when an individual has no incentive in paying for a good because failure to pay does not prevent consumption
A) A free-rider problem B) The paradox of thrift C) A tragedy of the commons D) The paradox of plenty
The principle that states that we should strive to achieve the greatest happiness for the greatest number is called
A) the big tradeoff. B) the symmetry principle. C) utilitarianism. D) efficiency.
In which market structure(s) might firms produce an undifferentiated product?
a. perfect competition only b. perfect competition and oligopoly c. monopolistic competition only d. perfect competition and monopolistic competition e. monopoly only