A measure of the value of a specified collection of goods and services in a given year as compared to the value of a highly similar collection of goods and services in a reference year is called a......
What will be an ideal response?
price index
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In a perfectly competitive market, there are ________ buyers and ________ sellers
A) many; many B) many; few C) few; many D) few; few
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.
A Herfindahl index of 10,000 suggests:
A. perfect competition. B. monopolistic competition. C. oligopoly. D. monopoly.
Economists refer to things that have already been produced that are in turn used to produce other goods and services as
A. entrepreneurship. B. capital. C. land. D. labor.