Suppose robotic technology improves the results of abdominal surgery—less time to perform the surgery, faster recovery times, and fewer mistakes. What is the impact on the market for abdominal surgery using this new technology?
a. Demand for robot-assisted surgery will increase.
b. Hospitals will be slow to adopt the new technology fearing that it may result in lower prices.
c. The demand for surgical assistants will increase.
d. All of the above.
A
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A waitress brings a free glass of wine when you sit down in a restaurant. This glass of wine is
A) a service because the waitress carried it instead of making it. B) a good, but not an economic good because there is no price charged for the wine. C) a nongood because there is no price charged for the wine. D) an economic good because wine is produced with scarce resources, even if it is free to you.
Which of the following is true about income inequality?
A. Inequality tends to diminish as the population increases. B. Inequality tends to be greatest in the poorest countries. C. Inequality tends to get worse as a country develops. D. Inequality is not an issue for developed countries.