Answer the following statement(s) true (T) or false (F)
1. Social Security involves cash transfer payments.
2. The United States spends a higher portion of GDP on healthcare than any other
industrialized nation.
3. The demand for healthcare has deceased over the past several decades.
4. The demand for healthcare is fairly inelastic.
5. Third-party payments act as an incentive for patients and physicians to minimize
heath care costs.
1. TRUE
2. TRUE
3. FALSE
4. TRUE
5. FALSE
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For allocative efficiency to hold
A) average total cost is minimized in production. B) average variable cost is minimized in production. C) price must equal the marginal cost of the last unit produced. D) price must equal marginal revenue of the last unit sold.
Which of the following is true about the indifference curve where one commodity (such as pollution) is "bad"?
A) It has a negative slope. B) It has a positive slope. C) It is horizontal. D) It is vertical.
Briefly compare the three tax systems based on the relationship between the marginal tax rate and the average tax rate as income rises
What will be an ideal response?
For a firm in a perfectly competitive industry, the demand curve for its own product is
A. upward sloping. B. downward sloping. C. horizontal. D. vertical.