The Patient Protection and Affordable Care Act (PPACA) includes the establishment of "insurance exchanges" in each state, the purpose of which is to:
A. Create a monopoly or oligopoly of insurance companies in each state
B. Fix insurance premiums, similar to public utilities
C. Foster competition among insurance companies
D. Nationalize the insurance industry in each state
C. Foster competition among insurance companies
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The demand curve a monopolist uses in making an output decision is
a. the same as the demand curve facing a perfectly competitive firm b. vertical because there are no close substitutes for its product c. horizontal because there are no close substitutes for its product d. the same as the market demand curve e. perfectly inelastic
How is the GDP deflator of an economy calculated? What is the value of the GDP deflator in an economy in which nominal GDP is 5 percent larger than real GDP?
If sellers do not adjust their quantities supplied at all in response to a change in price,
a. advances in technology must be prevalent. b. the time period under consideration must be very long. c. supply is perfectly elastic. d. supply is perfectly inelastic.
The economy is viewed as operating at full employment:
a. when there is no frictional unemployment. b. when there is no structural unemployment. c. when there is no seasonal unemployment. d. when there is no cyclical unemployment.