An economic model can be defined as
a. a testable claim which can be evaluated with proper data.
b. a representation of a theory or a part of a theory.
c. another word for theory.
d. a method to distinguish correlation from causation.
e. All of the above are correct.
b
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Diminishing marginal utility of wealth implies that the utility function
a. has increasing slope and a person is risk averse. b. has increasing slope and a person is not risk averse. c. has decreasing slope and a person is risk averse d. has decreasing slope and a person is not risk averse.
Economists who support market-based reforms for health care believe that increased competition among providers of health care would ________ costs and ________ economic efficiency
A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease