What is one result of the Medicare subsidy?
A) The health care industry is more efficient than it otherwise would be.
B) Patients may elect to have some treatments that are of low value to them but that are costly to provide.
C) The elderly population in the United States receives a lower quality of medical care than what is provided for the elderly population in other countries.
D) The number of physicians in the United States has declined.
B
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Which of the following is a distinctive feature of a credit-driven asset-price bubble?
A) asset-price increases that are "justified" by projections of future value B) a weakening of lending standards C) an increase in the number and variety of market participants D) The affected assets are financial stocks or bonds issued by companies in the financial sector.
Refer to the table below, which shows the ranked preferences of voters for three alternative projects, with "1" being the top preference. This situation illustrates the voting inconsistency where a majority of voters prefer the:
A. Stadium over the park, the park over the jail, and the jail over the stadium
B. Park and jail over the stadium, and the jail over the park
C. Stadium over the jail, the jail over the park, and the park over the stadium
D. Stadium and jail over the park, and the park over the jail