Combined, in 2014, Medicare and Medicaid covered
A. 6 million people.
B. 105 million people.
C. 143 million people.
D. 25 million people.
Answer: B
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A seller's reservation price is generally equal to:
A. the seller's marginal cost. B. the market price. C. the buyer's reservation price. D. the seller's average cost.
If an excise tax is imposed on steak,
a. the government's tax revenue will decrease b. the government's tax revenue will increase c. the amount of steak produced and sold will increase d. the market price of steak will decrease e. the market price will rise but the market quantity will be unaffected
Fear of floating is:
A) when the benefits of floating exchange rates outweigh the costs. B) when the attractions of fixed exchange rates are large relative to those of floating. C) when countries adopt the gold standard. D) when countries say they are floating, but fix their exchange rates in practice.
How is the total cost of a factory or other production site determined?
(A) Fixed cost plus marginal cost. (B) Fixed cost plus variable cost. (C) Marginal cost plus variable cost. (D) Marginal cost plus output cost.