When the United States is described as having a dual system of health care, this means that:
A. government provides basic health insurance for all Americans and private insurance
covers services beyond the basic level.
B. high-quality care is provided in urban areas, but care in rural areas is of poor quality.
C. those Americans with good insurance or substantial wealth receive world-class health care,
while those without insurance receive no or low-quality health care.
D. the high-risk segment of the population is required to have health insurance, while the low-
risk sector is not.
Answer: C
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Which of the following is true about unemployment?
a. the benchmark high-employment level is most likely between 3 and 4 percent b. In recent years, the appropriate benchmark high-employment level has risen. c. Based on the experience of the 1960s, a 7 percent unemployment rate was too low to be sustained without a buildup of inflationary pressure d. During the 1970s, the benchmark high-employment level rose but this was not observed by economists at the time.
An antitrust agency is identifying the product market for Good X and determines that Good X and Good Y have a cross-price elasticity of 0.01. As a result of the cross-price elasticity, the antitrust agency is likely to ________ Good Y from Good X's product market as the products ________ compete as close substitutes.
A) exclude; do B) include; do C) exclude; do not D) include; do not
During most of the United States' involvement in World War II we temporarily operated at point
A. F.
B. G.
C. H.
D. I.
You are the manager of a monopoly that faces a demand curve described by P = 85 ? 5Q. Your costs are C = 20 + 5Q. The profit-maximizing price is:
A. 60. B. 55. C. 45. D. 50.