Economically speaking, the design of Medicare
A) encourages the consumption of medical services.
B) discourages the consumption of medical services.
C) helps to decrease the cost of care to non-Medicare patients.
D) discourages the provision of medical services.
A
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Which of the following statements is true?
a. The money price is usually the same as the time price for most consumers. b. The money price of a good is always greater than the time price. c. The money price is always greater for high-wage earners than for low-wage earners. d. The time price is usually less for low-wage earners than for high-wage earners. e. The time price of a good is directly proportional to the money price.
In any economic system, scarce resources have to be allocated among competing uses. Market economies harness the forces of
a. government to allocate scarce resources. b. supply and demand to allocate scarce resources. c. credit cards to allocate scarce resources. d. nature to allocate scarce resources.