What are the arguments for and against limits on malpractice awards?
What will be an ideal response?
Malpractice awards are settlements on lawsuits against physicians for “pain and suffering.” Some argue that these caps help ensure that patients receive the amount of money they deserve for their economic losses, but do not make the patient wealthy. Capping the awards limits lowers malpractice premiums for doctors, lowering heath care costs. Opponents of the caps argue that malpractice awards are only a small percentage of total health care costs, and the argument that creating caps would not lower costs significantly.
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Too-big-to-fail policy
What will be an ideal response?
Which of the following statements about the price elasticity of demand is correct?
A) The elasticity of demand for a good in general is equal to the elasticity of demand for a specific brand of the good. B) Demand is more elastic in the long run than it is in the short run. C) The absolute value of the elasticity of demand ranges from zero to one. D) Demand is more elastic the smaller the percentage of the consumer's budget the item takes up.