Special-interest groups have little incentive to
a. earn profits
b. redistribute wealth
c. lobby Congress
d. make the economy more efficient
e. seek regulation beneficial to them
D
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Using the midpoints formula, what would be price elasticity of demand for a gallbladder operation if the number of operations fell from 6,000 to 4,000 per week after its price increased from $6,000 to $10,000?
a. 0.25. b. 0.50. c. 0.80. d. 1.25
Which of the following is always wrong, regardless of what other information may be given to you?
a. Hiring a worker when her marginal physical product is decreasing. b. Hiring a worker when her marginal physical product is positive. c. Hiring a worker when her marginal physical product is increasing. d. Hiring a worker when her marginal physical product is negative. e. Hiring a worker when her MRP > W.
Taxation alters the behavior patterns of individuals.
Answer the following statement true (T) or false (F)
What impact do transfer payments have?
A. They increase the incentive to work and shift AS to the left. B. They increase the incentive to work and shift AS to the right. C. They reduce the incentive to work and shift AS to the right. D. They reduce the incentive to work and shift AS to the left.