Surgical specialists earn more than general/family practice physicians. Which of the following statements is not true regarding this income differential?
a. Surgeons earn more because their practice costs, including medical malpractice insurance is higher.
b. Surgeons earn more to compensate them for the extra years spent as residents.
c. Physicians' incomes are determined to a large extent by supply and demand conditions with respect to each specialty.
d. Surgeons will always earn more than general practitioners because they are smarter than general practitioners.
e. Surgeons earn more than general practitioners because cutting into people is messy.
D
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The _____ of an income tax comes from the _____ effect
a. excess burden; substitution b. excess burden; income c. excess benefits; substitution d. excess benefits; income
In 1862, the Homestead Act made land available to farmers at zero cost. Yet many farmers preferred to purchase land along the rail line from the railroad. The farmers
a. were duped by the railroads. b. knew the soil was better near the railroads. c. realized that crops would be less costly to grow and transport on land near the railroads. d. were exploited by the railroads.