Exceptions to the prohibition against cartels exist for which of the following?
a. ocean shipping rates
b. various agricultural products such as milk and oranges
c. transoceanic airline routes
d. cardboard box manufacturers
e. a through c
f. a through d
e
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The September 11 attacks no doubt worsened the slowdown that had already begun earlier in mid-2000
a. True b. False
Abstract economic theory can be used by academicians, but not by politicians or business people
a. True b. False Indicate whether the statement is true or false
To better control overall Medicaid spending, most states:
a. set strict limits on the number of primary care physicians that can accept Medicaid patients. b. charge participants modest copays on physicians' services. c. require eligible enrollees to participate in wellness education programs such as smoking secession and nutrition classes. d. establish strict rules against using the emergency room in non-emergency situations. e. enroll all eligible recipients in managed care plans
Refer to the above graph. Assume that the economy initially has a price level of P2 and output level Q2. The price level is flexible and the government decides to adopt a contractionary fiscal policy. What would most likely be the new equilibrium price level and output?
A. P2 and Q2 B. P1 and Q1 C. P2 and Q4 D. P1 and Q3