HOMEWORK: Chapter 30 Homework

For this assignment please answer the following questions and then submit them below. These answers can be hand written but must be legible, or they can be typed. If answers require calculation all work must be provided for full credit. If students choose to only provide the answer no credit will be given.

True or False:

1. Food production has required a steadily increasing percentage of the available

      resources in developed countries. 

2. Demand for farm products tends to be price and income inelastic.

3. The primary source of increased health care spending has been increasing prices in

      the health care sector.

4. The basic goal for health care should be to provide health insurance for all

      Americans.

5. Despite the expanded capabilities of medicine brought about by technological

      advances, health outcomes in America have grown steadily worse.

Multiple Choice:

6. ____ If the government establishes a price floor for farm products, then:
   A. consumers will pay a lower price.
   B. consumers will consume a greater quantity.
   C. farmers will want to decrease production.
   D. the government will need to purchase the surplus.