Which of the following is a major reason why the Medicare program is in such financial trouble?
A. Workers are not paying enough into the program.
B. There is a shortage of medical school applicants.
C. The government set reimbursement rates too high.
D. Because medical services are subsidized by the government, both consumption by the elderly and the cost of services have increased.
Answer: D
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An isoquant
A) must be linear. B) cannot have a negative slope. C) is a curve that shows all the combinations of inputs that yield the same total output. D) is a curve that shows the maximum total output as a function of the level of labor input. E) is a curve that shows all possible output levels that can be produced at the same cost.
If the government imposed a price ceiling on gasoline above this good's current market clearing price, there would be
A) a shortage of gasoline. at the ceiling price. B) a surplus of gasoline at the ceiling price. C) an increase in the price of gasoline. D) no change in the price of gasoline.
An increase in the demand for union labor ________ , so there is no need to restrict labor supply or to ration jobs among union members
a. has no impact on wage and employment b. leads to higher employment and lower wage c. leads to higher wage and employment d. leads to lower wage and employment
Suppose that a bank has $250 in vault cash, $750 in deposits at the Federal Reserve, $9,000 of loans, and deposits of $10,000. How much does this bank have in reserves?
a) $250 b) $750 c) $1,000 d) $9,000