The government's policy of reducing payments for physicians' services has generated a relative
A) increase in the number of physicians in the program.
B) reduction in the number of physicians in the program.
C) reduction in the demand for medical services.
D) increase in the income of the physicians remaining in the program.
Answer: B
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Assume there is a shortage in the market for digital music players. Which of the following statements correctly describes this situation?
A) The shortage will cause a decrease in the equilibrium price of digital music players. B) The demand for digital music players is greater than the supply of digital music players. C) Some consumers will be unable to obtain digital music players at the market price and will have an incentive to offer to buy the product at a higher price. D) The price of digital music players will rise in response to the shortage; as the price rises the quantity demanded will increase and the quantity supplied will decrease.
Fiat money is backed by: a. gold or silver
b. fractional reserves. c. the promise of a bank to redeem it upon presentation. d. the commodity in which it is denominated. e. nothing.