Society's core economic problem is
a. the role of government in the economy
b. a scarcity of land, labor, and machinery to produce goods and services
c. the federal budget deficit
d. an unequal distribution of income
e. low living standards
B
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Some people have argued that the government should provide medical care to everyone. Under this system:
A. prices will not ration medical care so there will be no scarcity. B. the price of medical care will ration resources efficiently. C. prices will not ration medical care so some other rationing method will be used. D. the price of medical care will allocate resources efficiently.
The costs of regulation
A) include increased taxes and increased prices of the products being regulated. B) are paid entirely by the regulated industries. C) are more than covered by the benefits gained from the regulation. D) are relatively small.
To offset the effect of a steep rise in net exports on the economy, the government might: a. increase government purchases. b. decrease government purchases. c. increase taxes
d. both (b) and (c) above
In the short run, a perfectly competitive firm can make a profit, a loss, or shut down
a. True b. False Indicate whether the statement is true or false