Analysts cite figures on the number of uninsured in the U.S. as low as 10 million and as high as 60 million. Which of the following is a true statement?
a. Once you lose your health insurance, it is extremely difficult to get reinsured.
b. Most of the uninsured have health problems and are not able to get private health insurance.
c. The lack of health insurance means that the individual has virtually no access to medical care.
d. The uninsured are all free riders.
e. Most of the uninsured have some labor-force connection—either they are working or are a dependent of someone who is working.
e. Most of the uninsured have some labor-force connection—either they are working or are a dependent of someone who is working.
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Private contracts between parties with mutual interests
a. will reduce the well-being of society. b. will lead to market outcomes in which the public interest is sacrificed for personal gain. c. can solve some inefficiencies associated with positive externalities. d. will create negative externalities.
When consumers have less information about a product than do sellers, then this is the situation of
A) asymmetric information. B) rationality. C) caveat emptor. D) a market failure.
Redistribution of income from the rich to the poor is achieved from a tax system that requires taxes to rise with income. Which of the following criteria best explains the goal of this tax system?
A. stability B. growth C. efficiency D. equity
Tom's Donuts can invest in a new espresso machine that costs $300 and will yield expected profits of $200 each year for two years. What is the present discounted value of the expected profits from this investment if the interest rate is 5%?
A. $185.93 B. $276.64 C. $371.89 D. $380.96