Economic profit that stems from entrepreneurship reflects
a. market power achieved through the use of public policy that restricts entry into a market.
b. the ability of some individuals to recognize and undertake economically beneficial projects that have gone unnoticed by others.
c. windfall gains due to unanticipated changes in weather.
d. the influence of special interest groups on the market process.
B
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Which of the following reforms could potentially reduce spending on health care without reducing the effectiveness of health care received?
A) reimburse consumers for preventive health care expenditures so as to avoid costly emergency medical treatments in the future B) give every citizen a fixed amount of money that can only be spent on health care services C) standardize the tax treatment of employer-based health insurance benefits and private spending on health care D) nationalize health care so that all health services are government funded and operated
A tariff imposed on foreign imports will cause _____
a. demand for imports to increase b. domestic prices of imported goods to rise c. market supply of importable goods to increase d. domestic prices of imported goods to fall e. market supply of domestic goods to decline