Many of the states that expanded Medicaid coverage to meet the criteria of the Affordable Care Act did not expect:
a. Congress to change the federal matching assistance percentage on new enrollees who were eligible under previous standards but had not enrolled.
b. the large interstate migration of new enrollees from non-expansion states.
c. the large increase in the number of new enrollees already eligible under previous standards.
d. the increase in the number of physicians willing to accept new Medicaid patients.
c. the large increase in the number of new enrollees already eligible under previous standards.
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Ben is asked to rate the utility he would get from reading different types of publications for the next hour. If he read a graphic novel he would get utility of 5. If he read a biography, he would get utility of 4, and if he read his economics textbook, he would get utility of 9. An economist would predict that Ben will spend his next hour reading:
A. a graphic novel. B. a biography. C. his economics textbook. D. It is impossible to predict how Ben will spend his time.
Official intervention in the foreign exchange market to defend a fixed-exchange rate when the value of the country's currency is under downward pressure causes
A. no change in the liabilities of the central bank. B. international reserve holdings to fall. C. the domestic money supply to rise. D. a downward pressure on the country's interest rates.
Suppose that the buyers of bread higher incomes and bread is an inferior good. In the market for bread, this will cause the ________ and the equilibrium price to ________.
A. supply of bread to decrease; increase B. supply of bread to increase; decrease C. demand for bread to decrease; decrease D. demand for bread to increase; increase
Suppose you know that at the current level of production average total cost equals marginal cost, then you know that it is also true that:
A. fixed costs are zero. B. average fixed costs are increasing. C. average total cost will decrease if production is increased. D. average total cost is minimized at the current level of output.