Medicaid is a health insurance program for the aged and certain disabled persons.
Answer the following statement true (T) or false (F)
False
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Which of the following is an assumption used when drawing a production possibilities frontier?
i. Human wants and desires are limited to what is available. ii. Only two goods are considered. iii. The level of technology is fixed and unchanging. A) i only B) ii only C) i and iii D) ii and iii E) i, ii, and iii
Risk aversion helps to explain various things we observe in the economy, including
a. adherence to the old adage, "Don't put all your eggs in one basket.".
b. insurance.
c. the risk-return trade-off.
d. All of the above are correct.
If a firm is earning a positive economic profit, it means that it:
A. is using its resources in the most profitable way. B. should invest its resources in other business opportunities. C. has an opportunity cost that is larger than what the firm is currently earning. D. operating in the long run in a perfectly competitive market.
Small firms and entrepreneurs tend to focus on smaller, incremental improvements rather than revolutionary advances.
Answer the following statement true (T) or false (F)