Which of the following is true?
a. The national debt increases in size whenever the federal government has a surplus budget.
b. The national debt's size decreased steadily after 1980.
c. The current U.S. national debt is over $13 trillion.
d. The size of the national debt currently is about the same size as it was during World War II.
c
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Many people believe that the study of economics is focused on money and financial markets. Based on your reading of the chapter, how would you define economics?
What will be an ideal response?
The supply curve reflects the:
a. inverse relationship between price and quantity offered. b. positive relationship between demand and supply. c. negative relationship between price and quantity bought. d. positive relationship between price and quantity bought. e. positive relationship between price and quantity offered.
Look at the figure at right. A union wishes to maximize wage income for employed union? members, so it should aim for a wage rate? ________ and a number of employed members equal to
A. W3, Q3
B. W1, Q3
C. W3, Q1
D. W2, Q2
Which of the following is not an advantage of risk pooling?
A) By insuring large groups as opposed to individuals, health insurance providers reduce adverse selection. B) It gives very sick people in the group the same access to health care and to pay the same premiums as healthy individuals. C) It is easier for an insurance company to estimate the average number of claims likely to be filed under a group policy than it is to predict the number of claims likely to be filed under an individual policy. D) Individuals who are insured and therefore do not have to pay the full cost of health care services may be inclined to over-use those services.