The burden of Medicaid costs are:
A. The sole responsibility of states
B. The sole responsibility of the Federal government
C. Shared by the states and Federal government
D. Shared by the states and the individual receiving the benefits
C. Shared by the states and Federal government
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In an increasing cost industry, an increase in industry output will
A) lead to a higher market price. B) lead to a lower market price. C) shift each firm's average fixed cost curve down. D) shift each firm's short run supply curve down.
Under a head tax, the amount of tax paid is:
A. a linearly increasing function of the taxpayer's income. B. the same for all taxpayers who use the public good. C. proportional to each taxpayer's income. D. the same for all taxpayers.
Hollywoodland, being self-sufficient in most products, trades only two goods with the Rest of the World (ROW), movies and automobiles. Both of these goods are produced using skilled labor (L) and capital (K) with the returns to capital being the interest rate (r) and the returns to skilled labor being the wage rate (w). The production of automobiles is capital intensive relative to the production of movies, and Hollywoodland is skilled-labor abundant relative to the ROW.a. State the Heckscher-Ohlin theorem and use it to predict the pattern of trade between Hollywoodland and the ROW.b. If the price of Hollywoodland's imports rises, while the price of its exports remain unchanged, what would happen to the factor returns in Hollywoodland in the long run? State the theorem used to explain
the answer, and briefly state the intuition behind the theorem. What will be an ideal response?
Is it possible to see gains in a nation's real standard of living without any positive economic growth?
A) No, a nation's standard of living cannot improve without economic growth. B) Yes, but only if the government prints more money so people feel rich. C) Yes, if workers can produce the same level of output in fewer work hours, so that more leisure time could push up the real standard of living. D) None of the above: Economic growth has nothing to do with a nation's standard of living.