One reason the Medicare system costs so much is
A) the amount of medical services is determined by the equilibrium of supply and demand.
B) the supply of medical services does not respond to price changes.
C) supply and demand analysis does not apply.
D) beneficiaries are entitled to receive services for which the per-unit cost exceeds their own personal out-of-pocket payment.
D
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How does a pure public good differ from a club good? In your answer, give an example of each type of good
What will be an ideal response?
Which of the following is NOT included in the U.S. current account?
A) U.S. investment abroad B) net interest income C) net transfers D) imports of goods and services
If average labor productivity decreases while population and the number of employed workers remain constant, then output per person:
A. may increase or decrease. B. decreases. C. increases. D. remains constant.
The aggregate supply curve shows the relationship between the aggregate quantity of output supplied by ________ and ________.
A. the world; the money supply B. the government; aggregate demand C. domestically owned firms in the economy; the interest rate D. all the firms in an economy; the overall price level