quiz1 - 3(6 points In 1996 a group of American doctors...

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Quiz #1 1. (2 points) Society faces trade-offs because of a)government regulations. b)greedy corporations. c)faceless bureaucrats. d)scarcity. 2. (2 points) A drought in the Midwest will raise the price of wheat because of a a)leftward shift in the supply curve. b)rightward shift in the supply curve. c)leftward shift in the demand curve. d)rightward shift in the demand curve.
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Unformatted text preview: 3. (6 points) In 1996, a group of American doctors called for a limit on the number of foreign-trained physicians permitted to practice in the United States. Draw a diagram and explain the effect of such a limit on the equilibrium quantity and price of doctor services in the United States. How are American-trained doctors and consumers affected?...
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