The income that households and noncorporate businesses receive is called
a. personal income.
b. net national product.
c. disposable personal income.
d. national income.
a
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Capital goods are
A. long-lived goods used for producing other goods and services. B. excluded from GDP. C. the end products of production. D. publicly provided.
There are fifty low-risk people in a town and fifty high-risk people. A low-risk person has an average of $1,000 in medical expenses each year and is willing to pay $1,200 for medical insurance (this person is risk averse)
A high-risk person has an average of $2,000 in medical expenses each year and is willing to pay $2,400 for medical insurance. Insurance companies are unable to tell who is high-risk and who is low-risk. a. Show that an insurance company would lose money if it offered medical insurance at a price of $1,600 b. Show that if the insurance company offered medical insurance at a price of $2,200, low-risk people would not be insured. Calculate total surplus if the price is $2,200 c. Now suppose the government in this town passes a law that requires everyone to purchase medical insurance and sets the price of insurance at $1,600 . Calculate total surplus under this law. d. The 2010 Patient Protection and Affordable Care Act (commonly called the Affordable Care Act, or "Obamacare") includes an individual mandate that requires everyone to have health insurance. Does this question suggest that there is an efficiency argument in favor of the individual mandate? Defend your answer carefully.
Which of the following describes the time period during which the international monetary system operated on a managed float system?
a. From the late 19th century until the beginning of World War I. b. In the period between World War I and World War II. c. During the period of the Bretton Woods agreement from 1944 to 1971. d. Since the end of the Bretton Woods agreement.
The provision of aid to an individual who is not required to provide anything in exchange is called a transfer payment.
a. true b. false