Attempts to alter incentives and contain health care costs include the following, except:
A. Imposing a copayment or a deductible
B. Adopting managed-care systems, such as PPOs and HMOs
C. Universal coverage
D. Diagnosis-related-group (DRG) of Medicare
C. Universal coverage
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A currency drain occurs when the
A) Fed increases the required reserve ratio. B) Fed sells U.S. government securities. C) non-bank public increases its holdings of currency outside the banking system. D) banks reduce the number of loans they create with their excess reserves. E) Fed buys U.S. government securities.
Given the production function q = 4L + K, what is formula for the marginal product of labor?
A) 4 B) 4 + K C) 4K D) Cannot be determined with the information given.
A firm practices input substitution when it
a. retrains Joe the welder as a painter and Pat the painter as a welder. b. buys extra machines for its workers to use. c. allows fixed cost to become variable. d. replaces unskilled labor with automated machinery.
Which of the following best explains why a $10 billion increase in transfer payments has a smaller impact on aggregate demand than a $10 billion increase in government purchases?
A) An increase in government purchases can be paid for with a bond issue while transfer payments must be funded by taxes. B) An increase in transfer payments can be paid for by borrowing, but an increase in government purchases must ultimately be funded by tax increases. C) Households save part of an increase in income while the entire increase in government purchases represents additional spending. D) An increase in transfer payments does not create a multiplier effect, but an increase in government purchases does.