The Secretary of Labor states that wage rates in the country have risen by 2 percent this past year. The head of a local labor union states that wage gains have not kept pace with the 3 percent rate of inflation. The Secretary's statement is a ___________ economic statement, and the labor head's statement is a(n) _____________ economic statement

A system of universal medical insurance would tend to ________ the ________ for medical services

A) increase; elasticity of demand B) decrease; elasticity of demand C) decrease; quantity demanded D) decrease; non-monetary payments

The above figure illustrates Mary's production possibilities frontier. Which of the following movements show opportunity costs increasing?

A) point a to point b to point c B) point a to point f C) point f to point a D) point c to point f to point d