Briefly describe the types of health care systems in Canada, Japan, and the United Kingdom
What will be an ideal response?
Canada has a single-payer health care system, in which the government provides health insurance to all of the country's residents.
Japan has a system of universal health insurance under which every resident of Japan is required to either enroll in a non-profit health insurance society or enroll in the health insurance program provided by the national government.
The United Kingdom has socialized medicine, a system in which the government owns most of the hospitals and employs most of the doctors.
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Refer to Figure 4-5. The figure above represents the market for pecans. Assume that this is a competitive market. Which of the following is true?
A) If the price of pecans is $3 producers will sell 12,000 pounds of pecans but this output will be economically inefficient. B) If the price of pecans is $9 consumers will purchase more than the economically efficient output. C) Both 4,000 pounds and 12,000 pounds are economically inefficient rates of output. D) If the price of pecans is $3 the output will be economically efficient but there will be a deadweight loss.
Scherer (1970) provides which of the following argument(s) to explain the appearance of antitrust laws?
(a) Many farmers believed that the growth of big business came at the expense of growth in agriculture. (b) Many ordinary individuals with moderate or low incomes were envious of the fame and wealth accumulated by the relatively few industrial entrepreneurs. (c) Falling costs in transportation resulted in growth of the optimal size of the firm. (d) All of the above.
Ron weighs 150 pounds. A graph relating Ron's weight on the vertical axis to Nancy's consumption of ice cream on the horizontal axis would be
a. a horizontal line at weight = 150 b. a horizontal line at weight = 0 c. a positively sloped line with decreasing slope d. a vertical line at weight = 150 e. the origin
Kuznets' inverted-U hypothesis
a. implies that things must get worse before they get better. b. suggests that inequality will worsen and then improve as a country grows. c. suggests that inequality will improve and then worsen as a country grows. d. points out six characteristics of modern economic growth.