In what ways do economists and policymakers who believe that the federal government should have a larger role in the health care system criticize the Patient Protection and Affordable Care Act (ACA)?
What will be an ideal response?
These people believe that information problems and externalities in the market for health care are large enough that the government should provide health care with either government-owned hospitals and government-employed doctors, or should pay for health care through national health insurance. They basically believe that the ACA does not have enough government involvement, and should be more like the systems in Canada, Japan, and Europe.
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The increase in revenue created by hiring one more unit of labor is the
A) marginal product of labor. B) marginal revenue of labor. C) marginal product revenue of labor. D) value of marginal product of labor.
The spread between the interest rates on Baa corporate bonds and U.S. government bonds is very large during the Great Depression years 1930-1933. Explain this difference using the bond supply and demand analysis
What will be an ideal response?
When the dollar rises relative to other currencies,
A) foreign goods are more expensive in terms of dollars. B) foreign currency is more expensive in terms of dollars. C) U.S. goods become more expensive to foreigners. D) foreign currency is more expensive in the United States, but foreign goods are cheaper.
The key issue in determining the relevant product market is
A. the market share test. B. the production processes used to produce the goods. C. the degree of interchangeability between products. D. the specific geographic area in which competing products overlap.