The percentage of total national income spent on health care in the United States has
A) declined rapidly since 1965.
B) remained below the level of inflation.
C) risen steadily since 1965.
D) remained constant over the last few years.
Answer: C
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A free rider is a person who:
a. is harmed by another's actions. b. is subject to a negative externality. c. receives benefits from someone else's action but does not pay for them. d. pays less than the full value for a product. e. won the state lottery.
In the following question you are asked to determine, other things equal, the effects of a given change in a determinant of demand or supply for product X upon (1) the demand (D) for, or supply (S) of, X; (2) the equilibrium price (P) of X; and (3) the
equilibrium quantity (Q) of X. Refer to the given information. An increase in income, if X is a normal good, will: A. increase D, increase P, and increase Q. B. increase D, increase P, and decrease Q. C. increase S, increase P, and increase Q. D. decrease D, increase P, and increase Q.
If Cruise the World advertises a 30 day low-price guarantee that will refund any of its customers the difference between the price they paid for a cruise and a lower price offered by Cruise the World for the same cruise, this is an example of ________.
A) a meet-the-competition clause B) a most-favored-customer clause C) price visibility D) a meet-or-release clause
Which of the following is NOT an advantage of a proprietorship?
A) They are easy to form and dissolve. B) Decision-making resides with one person—the owner. C) Liability of the owner is unlimited. D) Profits are only taxed once.