If income elasticity for a good or service is _______, then we can say that the good or service is ______.
A. negative; inferior
B. negative; normal
C. positive; inferior
D. zero; normal
A. negative; inferior
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________ account(s) for between 1 and 4 percent of health care costs in the United States
A) The aging population B) The payments to settle malpractice lawsuits and the premiums doctors pay for malpractice insurance C) Uninsured patients receiving treatments at hospital emergency rooms that could have been provided less expensively at doctor's offices D) Advances in medical technology
The direct relationship between changes in price and changes in quantity supplied is
A) a change in supply. B) shown by a shift in the supply curve. C) the law of supply. D) the law of relative production.
Maximum Feasible Hourly Production Rates (in Tons) of EitherKnives or Forks Using All Available ResourcesProductCountry AlphaCountry BetaKnives93Forks612Use the above table. Assuming constant opportunity costs, the opportunity cost of producing knives in country Alpha is ________, and the opportunity cost of producing knives in country Beta is ________.
A. 2 forks; 0.33 knife B. 0.67 fork; 4 forks C. 1.5 forks; 0.25 fork D. 0.5 knife; 3 forks
Germany placed a limit on the amount of beer that can be imported into Germany. This is an example of
A. an export subsidy. B. a tariff. C. dumping. D. a quota.