Complete the following statement. The legal obligation created by the U.S. Congress to provide medical care for the elderly and indigent creates _____.
a. a natural right to medical care for these two groups
b. a negative right
c. guaranteed access to treatment by all medical care providers
d. an entitlement subject to future changes based on shifts in public sentiment
e. a freedom-preserving right
d. an entitlement subject to future changes based on shifts in public sentiment
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You know an economist has crossed the line from policy adviser to scientist when he or she
a. claims that the problem at hand is widely misunderstood by non-economists. b. makes positive statements. c. talks about values. d. makes a claim about how the world should be.
If a natural disaster were to cause a negative long-run supply shock to the economy, once the economy adjusts, the new equilibrium will be at a:
A. higher price level and lower level of output. B. lower price level and lower level of output. C. higher price level and higher level of output. D. lower price level and higher level of output.
The marginal revenue product represents
A) the marginal physical product of labor divided by the price of the good produced. B) the worker's contribution to the firm's total revenues. C) the worker's contribution to the firm's output. D) the value of each additional unit of output.
Why does aggregate demand shift outward by a greater amount than the initial change in spending?
What will be an ideal response?