In the year 2009 we run a trade deficit of _______ billion.
A. $900 billion
B. $700 billion
C. about $500 billion
D. about $400 billion
D. about $400 billion
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Related to the Economics in Practice on page 359: The individual mandate feature of the Affordable Care Act potentially broadens the pool of people who are in the health insurance market. Including young, healthy people in this pool via the mandate should potentially reduce ________ and ________ overall health care costs.
A. asymmetric information; raise B. asymmetric information; have no impact on C. adverse selection; lower D. adverse selection ; raise
A country club charges a membership fee. Members pay competitive prices for the club's recreation and restaurant services. This situation is an example of
a. first-degree price discrimination. b. second-degree price discrimination. c. third-degree price discrimination. d. a two-part tariff.
Based on the figure above, curve C is the firm's
A) marginal cost curve. B) total cost curve. C) average total cost curve. D) average variable cost curve. E) average fixed cost curve.
Suppose that the income elasticity of demand for peanut butter is 0.75. Which of the following is TRUE?
A) Peanut butter is a normal good, because income elasticity is positive. B) Peanut butter is an inferior good, because income elasticity is positive. C) Peanut butter is a normal good, because income elasticity is less than 1. D) Peanut butter is an inferior good, because income elasticity is less than 1.