Which Federal Government program(s) pay(s) for the health needs of people who are old and poor?
A. Medicare
B. WIC
C. Medicaid
D. Medicare and Medicaid
Answer: D
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If economists are making the assumption that business people try to maximize profits, the best way to determine whether this assumption is useful or not is to
A) see whether it generates accurate predictions about the choices of business people. B) ask business people whether it is true or not. C) find out whether U.S. businesses are more profitable than European businesses. D) take a survey of people and see if they agree with this assumption.
If the number of highway deaths among young people is roughly proportional to their beer consumption, and young people's elasticity of demand for beer is 1.5, then to decrease highway deaths of young people by 15 percent, taxes would need to be increased enough to increase the price of beer by:
A. 1%. B. 1.5%. C. 10%. D. 15%.
A tax that exacts a higher proportion of income from higher-income people than it does from lower-income households is a regressive tax.
Answer the following statement true (T) or false (F)
If you know that when a firm produces 10 units of output, total costs are $1,030 and average fixed costs are $10, then total variable costs are:
A. $104 B. $930 C. $1,040 D. $1,130