Medicaid is
A. a public health insurance program for the poor.
B. a private health insurance program for government employees.
C. a private health insurance program for the poor.
D. a public health insurance program for the elderly.
Answer: A
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In the specific factors model, a 5% increase in the price of food accompanied by a 5% increase in the price of cloth will cause wages to ________, the production of cloth to ________, and the production of food to ________
A) increase by 5%; remain unchanged; remain unchanged B) increase by less then 5%; decrease; increase C) increase by more then 5%; increase; remain unchanged D) remain constant; increase; increase E) remain constant; decrease; decrease
If a nation can produce greater quantities of a good than another nation, it has a(n)
a. comparative advantage. b. absolute advantage. c. declarative advantage. d. entire advantage.
Paddy and Mick live in a small town. They burn coal to keep their houses warm at night. However, this burning of coal is harming the air quality of the neighborhood. Both Paddy and Mick could install air filters on their chimneys. These filters cost $50 each. Each filter provides a social benefit of $80, but those benefits are divided equally among Paddy and Mick. If both Paddy and Mick install
the filters, together they will _____. a. gain $10 b. gain $0 c. lose $20 d. gain $30
The price of imported oil decreased in 2001. How did this affect the aggregate supply curve?
A. The aggregate supply curve became steeper. B. The aggregate supply curve became flatter. C. The aggregate supply curve shifted inward. D. The aggregate supply curve shifted outward.