Which of the following is a unique characteristic of the German health care system?
a. There are no deductibles or copays for medical services.
b. Compared to other developed countries, overall service utilization rates are low.
c. Certain high-income individuals can choose to opt out of government run insurance altogether and purchase private insurance coverage.
d. There is a uniform fee schedule charged to all patients.
c. Certain high-income individuals can choose to opt out of government run insurance altogether and purchase private insurance coverage.
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Firms in the market for dog food are selling in a purely competitive market. A firm producing dog food has an output of 10,000 pounds of dog food, for which it sells for $0.50 a pound. At the output level of 10,000 pounds the average variable cost is
$0.30, the average total cost is $0.70, and the marginal cost is $0.50. What would you expect the firm to do in the short run? The market in the long run? What will be an ideal response?
The long-run aggregate supply curve shows the relationship between
A) short-run aggregate supply and short-run aggregate demand. B) the price level and quantity of real GDP supplied. C) the real interest rate and the nominal interest rate. D) the quantity of real GDP supplied and the quantity of nominal GDP supplied.
According to your text, the total annual social cost of regulation (federal, state and local) in the United States is estimated to exceed ________ per year.
A. $500 million B. $900 million C. $50 billion D. $1 trillion
If, at some level of output, total planned real expenditures are less than real Gross Domestic Product (GDP)
A) real GDP will either fall or remain unchanged, depending on the MPC. B) real GDP will rise. C) unplanned inventories will increase and real GDP will fall. D) real GDP remains unchanged.