Prior to World War II most consumers in the United States:
A. paid for catastrophic illness out of their own pockets but owned medical insurance for routine medical care.
B. had no medical insurance of any type.
C. owned medical insurance for catastrophic illness but paid for routine medical care out of their own pockets.
D. owned medical insurance covering both catastrophic illness and routine medical care.
Answer: C
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An economist is conducting a survey to evaluate a program launched by the government
He ends up collecting data on those households that were adversely affected by the program, reaffirming his own belief that the program has been largely unsuccessful. This is an example of a(n) ________. A) confirmation bias B) attentional bias C) attenuation bias D) distinction bias
Alice has $10 to spend on wine and cheese. If wine is $2.50 a glass and cheese $2, draw the corresponding budget line. Then draw three indifference curves, one showing the amount of wine and cheese Alice would choose, one showing less preferred combinations of wine and cheese, and the last showing preferred but unaffordable combinations. ?
What will be an ideal response?
If firms under perfect competition are receiving positive economic profits in the short run, then which of the following will occur in the adjustment to perfect competition in the long run?
a. Some firms will exit, decreasing the market supply curve and driving up market price until economic profits are eliminated and there is no additional motive for exit. b. Some firms will enter, increasing the market supply curve and driving down market price until economic profits are eliminated and there is no additional motive for entry. c. Barriers to entry will prevent firms from entering the industry, the existing firms will earn positive profits in the long run. d. Some firms will enter the industry, but market price will remain unchanged. Therefore all firms will earn normal profits in the long run.
Which of the following examples is most likely the result of a contractionary monetary policy?
a. Ebba goes on a buying spree online. b. Lars invests a large amount of money in a CD. c. Alma decides that now is the best time to buy a sports car. d. Emil takes out a loan to add an extension to his house.