Medicare and Medicaid were enacted by the Johnson administration in 1965 as amendments to which federal law already in existence?
a. Social Security Act
b. Welfare Act of 1960
c. Managed Care Act
d. Employee Retirement and Income Security Act
e. Equal Rights Act
a. social security act
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A firm's total cost (TC) equals the sum of its fixed cost plus its
A) marginal cost. B) variable cost. C) variable cost plus its marginal cost. D) sunk cost plus its variable cost plus its marginal cost.
New Keynesian economists believe that nominal wages and prices respond ________ to shocks, and classical economists believe that nominal wages and prices respond ________ to shocks
A) quickly; quickly B) quickly; slowly C) slowly; quickly D) slowly; slowly
Explain why the following situation is likely to persist: soccer players in Europe are the highest paid athletes and in the US they are among the lowest paid athletes
The first-order conditions for maximizing profits, ? = P × F(K, L) - wL ? rK, are:
A. P × {?F(K,L)/?K} - r = 0 and P × {?F(K,L)/?L} - w = 0. B. VMPK = r and VMPL = w. C. P × MPK ? r = 0 and P × MPL ? w = 0. D. All of the answers are correct.