The Chapter References a 2002 RAND Corporation Study That Determined

question 144

Multiple Choice

The chapter references a 2002 RAND Corporation study that determined -0.17 as the average price elasticity coefficient for health care.What can generally be said about this figure?

• A) As health care increases in price,it results in nearly a one-for-one reduction in consumption.
• B) As health care increases in price,it results in only a very minor reduction in consumption.
• C) As health care decreases in price,it results in nearly a one-for-one increase in consumption.
• D) As health care decreases in price,it results in a large increase in consumption.
• E) Since the coefficient is negative,it means there is no causal relationship between price and consumption.

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Definitions:

Double-entry Accounting

An accounting method where every financial transaction results in equal and opposite effects in at least two different accounts.

Ledger

A book or collection of financial accounts where all transaction records are summarized and recorded.

Journal

A book or digital record where all financial transactions are initially recorded in chronological order before being posted to accounts in the ledger.

Debit

A bookkeeping record that leads to either a rise in assets or a fall in liabilities in a firm's balance sheet.