The lower the price of medical care in general, the higher the ____________________________ medical care and the ______________________ specific items that make up medical care (such as x-rays)
A) quantity demanded of; higher the demand for
B) demand for; higher the demand for
C) quantity demanded of; lower the demand for
D) demand for; higher the quantity demanded of
A
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According to Porter's Five Competitive Forces Model, which kinds of products are most likely to limit the ability of firms in an industry to raise prices?
A) complementary products produced by different firms in the same industry B) similar products produced by similar industries in low-cost countries C) differentiated products that target a small subsegment of the industry D) substitutable products produced by firms in different industries
Given the values in the table above, the real interest rate r = ________ when equilibrium output Y = 15
A) 9.8 B) 3.8 C) 3.18 D) 10 E) none of the above
In the short run, if aggregate demand shifts to the left while the position of the short-run aggregate supply curve does NOT change, then
A) the level of economic activity rises. B) a recessionary gap occurs. C) there is no change in real GDP and the price level. D) an inflationary gap occurs.
Which of the following is false?
A) For bond buyers, the higher the yield the better it is for them. B) For bond buyers, the higher the price of the bond the better it is for them. C) For bond buyers, the lower the yield the worse it is for them. D) The term yield on a bond is the same as the term interest rate on a bond.