It takes many years to train to become an orthopedic surgeon. This suggests that, in the short run, a sudden increase in the demand for orthopedic surgeons will:
A. lead to a large increase in the number of orthopedic surgeons.
B. have no impact on the number of people who decide to become orthopedic surgeons.
C. not affect the salaries of orthopedic surgeons.
D. have little effect on the number of trained orthopedic surgeons.
Answer: D
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Which of the following is a positive economic statement?
a. Too much government spending is the biggest problem facing the U.S. economy. b. Creating jobs is the most serious problem facing the U.S. economy. c. Raising taxes provides additional revenue that should be used to finance health care. d. If taxes are over 50 percent of national income, job creation falls.
The government proposes a tax on red roses in order to boost their tax revenue. Consumers will bear no part of the tax burden if the: a. demand for roses is perfectly inelastic. b. supply of roses is perfectly elastic
c. demand for roses is perfectly elastic. d. demand for roses is unit elastic.