Refer to the diagram. Economists would argue that health care should be provided to patients in:
A. some amount less than Q 1 .
B. amount Q 1 .
C. some amount between Q 1 and Q 2 .
D. amount Q 2 .
B. amount Q 1 .
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Recall the Application about determining the optimal level of methane abatement to answer the following question(s).Recall the Application. The EPA has estimated the cost of methane recovery at different recovery levels. Given those costs, the efficient level of methane recovery:
A. depends on the estimate of the marginal benefit of methane recovery. B. is zero because the costs exceed the benefits. C. will increase if scientists determine that methane is not as harmful as it is currently thought to be. D. will include only recovery from landfills and coal mines, but not from natural gas distribution.
When considering GDP as a measure of the nation's economic performance, which of the following statements is NOT true?
A. GDP is useful to map changes in the economy's domestic economic performance over time. B. GDP is underestimated because it does not include illegal activities. C. GDP would be a better measure of economic performance if it included nonmarket activities. D. GDP is a good measure of a nation's overall welfare.
Refer to the above figure. Unexpected expansionary monetary policy has caused the aggregate demand curve to shift to AD2. In the long run
A) real GDP will be Y1, and the price level will be above P2. B) real GDP will be between Y1 and Y2, and the price level will be between P1 and P2. C) real GDP will be Y2, and the price level will be P2. D) real GDP will be Y1, and the price level will be P1.
As workforces become more educated in countries with comparative advantages in labor-intensive products, cheap labor becomes:
A. less abundant relative to skilled labor. B. more abundant relative to skilled labor. C. more abundant relative to capital. D. None of these is true.