Which of the following would not be covered by Medicare? Payments for:
A. All reasonable costs for the first sixty days of inpatient care in a hospital per "benefit period"
B. Post-hospital nursing services, home health care, and hospice care for the terminally ill
C. Voluntary and subsidized medical insurance to cover physician services, lab tests, and outpatient hospital services
D. Nonprescription drugs and travel to physician offices for normal medical treatment
D. Nonprescription drugs and travel to physician offices for normal medical treatment
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A deadweight loss occurs whenever
A) the total benefit of a good does not equal its total cost. B) the marginal social benefit of a good does not equal its marginal social cost. C) there is perfect price discrimination. D) there is no consumer surplus.
If the salvage value is positive the net present value of an investment ________ and this ________ the likelihood that managers will undertake the project.
A) decreases; decreases B) increases; increases C) increases; decreases D) decreases; increases
Suppose the only two goods that Lorenzo consumes are wine and cheese. When wine sells for $10 a bottle and cheese sell for $10 a pound, he buys 6 bottles of wine and 4 pounds of cheese — spending his entire income of $100 . One day the price of wine falls to $5 a bottle, and the price of cheese increases to $20 a pound, while his income does not change. If you illustrate wine on the vertical
axis and cheese on the horizontal axis, then a. the slope of Lorenzo's budget has not changed. b. the slope of Lorenzo's budget constraint is flatter at the new prices. c. the slope of Lorenzo's budget constraint is steeper at the new prices. d. Lorenzo's budget constraint has shifted in a parallel fashion to the budget constraint with the old prices.
The reason cigarette taxes would impact kids more than adults is that adult demand is ________ elastic than demand by kids.
A. as B. more C. less D. neither more or less