Which of the following questions or statements regarding medical school is normative?
A) How do changes in expected future incomes affect the decisions of medical students about which specialty to choose?
B) What role does tuition play in a student's decision about whether to attend medical school?
C) Have tuition increases had a large effect or a small effect on the number of applications to medical school?
D) Medical students who enter specialized fields make a larger contribution to society than do student who enter primary care.
D
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Refer to Figure 3-6. The figure above represents the market for canvas tote bags. Compare the conditions in the market when the price is $50 and when the price is $35. Which of the following describes how the market differs at these prices?
A) The difference between quantity supplied and quantity demanded is greater at $50 than at $35. B) At each price there is a surplus; firms will lower the equilibrium price in order to eliminate the surplus. C) At each price the supply of tote bags exceeds that demand for tote bags. D) At each price there is a surplus; the surplus is greater at $35 than at $50.
In a steady state
A) both consumption per worker and the capital—labor ratio are constant. B) consumption per worker is constant, but the capital—labor ratio can change. C) capital and labor, by definition, are inversely related to one another. D) consumption per worker can change, but the capital—labor ratio is constant.