How is the issue of the "free rider" relevant to the discussion of whether access to medical care is a fundamental right?
a. The socially responsible approach is to provide free access to all the medical care a person desires.
b. As long as there is excess capacity in the medical care system, providing free access to care does not present a resource allocation problem.
c. The free rider argument is based on the idea that access to medical care should be free and available to everyone.
d. Providing medical care at zero cost will maximize social welfare.
c. The free rider argument is based on the idea that access to medical care should be free and available to everyone.
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If an economy's resources are fully employed,
a. a great deal of unemployment will be needed to achieve even a small reduction in inflation. b. the aggregate supply curve (and thus the Phillips curve) will be flat. c. the aggregate supply curve (and thus the Phillips curve) will be steep. d. Both a and c are correct.
An increase in the price of metal raises the cost of manufacturing dishwashers. As a result, the market changes to a new equilibrium because of
a. a surplus of dishwashers. b. an increase in the demand for dishwashers. c. a leftward shift in the demand curve for dishwashers. d. a leftward shift in the supply curve for dishwashers.
Which of the following is not a benefit to lenders of financial intermediation?
a. Lower credit risks than the direct market. b. Lower liquidity risk than the direct market. c. Lower market risk than the direct market. d. More convenient than the direct market. e. All the above are benefits.
If the United States decides to convert automobile factories to tank production, as it did during World War II, but finds that some auto manufacturing facilities are not well suited to tank production, then
A. Increasing opportunity costs will occur with greater tank production. B. The production possibilities curve between tanks and automobiles will appear as a straight line. C. The production possibilities curve between tanks and automobiles will shift outward. D. Decreasing opportunity costs will occur with greater automobile production.