The current Medicare system is designed so that it actually encourages
A) cost reductions.
B) higher costs of medical services.
C) higher costs only for surgeries.
D) lower drug costs for recipients.
Answer: B
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When it was introduced in 1958, the Phillips curve presented policymakers with a "menu" from which they could choose the appropriate:
a. combination of monetary and fiscal policy. b. combination of inflation and unemployment. c. level of aggregate money supply. d. income tax rate.
Which of the following is true in markets where price controls are applied?
What will be an ideal response?
As long as firms currently in a monopolistically competitive market are earning profits:
A. more firms will enter the market with products that are close substitutes. B. the firm will lower its price to keep out competitors. C. the government will step in to regulate prices to ensure they stay competitive. D. more firms will leave the market before the profits are competed away.
The price elasticity of supply when the supply curve is Q = 5 is
A) 5. B) perfectly inelastic. C) perfectly elastic. D) Cannot be calculated from the information provided.