Refer to Figure 5-3. With insurance and a third-party payer system, what is the amount of the deadweight loss?
A) $0 B) $2,500 C) $5,000 D) $24,000
C
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Virtually all Federal Reserve open-market purchases and sales are conducted with government securities, mostly
A) Treasury bills. B) Treasury notes. C) Treasury bonds. D) savings bonds.
Economic models
A) are used to explain how people think. B) are used to explain how people behave. C) are essential representations of the real world. D) are never used for making economic projections or predictions.
Briefly explain how specialization and trade can benefit nations
What will be an ideal response?
Fiscal policy refers to
A) changes in the amount of government expenditures and taxes to achieve particular economic objectives. B) changes in the composition of a given amount of government expenditures to achieve particular economic objectives. C) changes in interest rates initiated by government action. D) any change in government spending or taxes that has the intended effect of destabilizing the economy.