The Federal Reserve System is the central bank of the United States.
Answer the following statement true (T) or false (F)
True
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When the government's outlays equal its tax revenues, then the budget
A) is balanced. B) could be either in surplus or deficit. C) is legal only because expenditures equal tax revenues. D) is in surplus. E) is in deficit.
How does the federal government avoid the asymmetric information problem associated with providing health care to people over 65 years of age?
A) Health care is standardized and is the same for all people over 65 years of age. B) Health insurers rely on the reputation of the covered individuals. C) Participation in the Medicare program is mandatory for all people over 65 years of age. D) Health information about people enrolled in the Medicare program is publically available.
Suppose the market demand function for ice cream is Qd = 10 - 2P and the market supply function for ice cream is Qs = 4P - 2, both measured in millions of gallons of ice cream per year. Suppose the government imposes a $0.50 tax on each gallon of ice cream. The consumer surplus with the tax is:
A. $166,667. B. $3.56 million. C. $7.11 million. D. $9 million.
Minimum wage legislation:
a. sets a price ceiling above the market-clearing price. b. has no impact if the minimum wage is above the market-clearing price. c. has the same impact in all labor markets. d. creates unemployment when the minimum wage is above the equilibrium wage. e. is opposed by organized labor.