The field of political economy
a. casts aside most of the standard methods of economic analysis.
b. is also referred to as the field of public choice.
c. is also referred to as the field of macroeconomics.
d. produces the conclusion that democratic principles rarely lead to desirable economic outcomes.
b
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In the above figure, if a subsidy is granted that generates an efficient allocation of resources, then the output level will be
A) zero. B) 50 units per week. C) 150 units per week. D) 250 units per week.
The most common measure of productivity shocks is known as
A) the Solow residual. B) the Lucas supply curve. C) the Prescott productivity parameter. D) the Kydland factor.
Which of the following is an example of moral hazard? a. There are likely more cars of low quality than of high quality offered for sale without warranties in the used car market. b. An individual who eats well and exercises regularly chooses not to purchase health insurance
c. An individual drives less cautiously after obtaining automobile insurance. d. A car salesman offers a full warranty on a used car for 90 days.
In 2013, Medicaid spending (net of CHIPs) per patient was on average
A. $938. B. around $7,000. C. $4,211. D. $1,652.