According to the text, the allocation of scarce health care resources should be:
A. based on the willingness to pay of the recipient of the care.
B. determined by weighing marginal costs and marginal benefits.
C. determined by length of time on a waiting list.
D. based on the degree of suffering of the recipient of the care.
Answer: B
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At high wage rates, the labor supply curve bends backward because the ________ effect dominates the ________ effect
A) income; price B) substitution; income C) substitution; price D) income; substitution
Because expected inflation is typically positive, we know that
A) the nominal interest rate is generally less than the real interest rate. B) the real interest rate is generally less than the nominal interest rate. C) the nominal and real interest rates are generally equal. D) the real interest rate is approximately equal to zero.