HI (Hospital Insurance) is financed by a payroll tax, while SMI (Supplementary Medical Insurance) is financed out of general revenues.
A. True
B. False
C. Uncertain
A. True
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In a first-price sealed-bid auction, ________
A) bidders submit their bids privately B) bidders place their bids one after another publicly C) bidders know each other's bids D) bidders bid above their willingness to pay
The law of demand states that as the price
A. increases, total quantity demanded will increase. B. decreases, total quantity demanded will decrease. C. increases, total quantity demanded will decrease. D. increases, total quantity demanded will stay the same.
When prices are measured in terms of fixed (base-year) prices they are called ________ prices
A) nominal B) real C) inflated D) aggregate
Any market that we are studying and the markets for the related inputs must all be in equilibrium at the same time. This leads to:
A. simultaneous equilibrium effects. B. partial equilibrium effects. C. general equilibrium effects. D. equilibrium-induced changes.