Complete the following statement. A collectively financed medical care system, providing universal coverage to a basic benefits package for everyone that includes the ability to purchase additional coverage with a supplemental insurance policy _____.
a. will do harm to the more vulnerable segments of the population - poor, sick, and elderly
b. may not be equal, but is welfare enhancing for everyone
c. seldom works when actually applied in the real world
d. is unfair because it creates a two-tiered system
b. may not be equal, but is welfare enhancing for everyone
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If the CPI this year is 240 and the CPI last year was 217, the inflation rate from last year to this year was
A) 1.11%. B) 9.0% C) 10.6%. D) 23%.
Suppose a perfectly competitive market is in a short-run equilibrium. If some firms exit the market, the profit of the remaining firms ________; if some firms enter the market, the profit of each existing firm ________
A) decreases; is unchanged B) increases; decreases C) increases; is unchanged D) is unchanged; is unchanged E) decreases; increases
Is monopolistic competition efficient? Explain. What is Edward Chamberlin's view about the efficiency of monopolistic competition?
What will be an ideal response?
Suppose there is a 30% chance that an oil spill will occur in an area and the economic damage of the potential spill is $1 million. What is the expected value associated with the spill?
a. $3,000,000 b. $1,000,000 c. $300,000 d. $30,000 e. $3,000