Perfect competition is characterized by all of the following EXCEPT
a. a large number of buyers and sellers.
b. identical products.
c. sellers acting together to set prices.
d. well-informed buyers and sellers.
Ans: c. sellers acting together to set prices.
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Universal health insurance policies fall into three categories: single payer/single provider systems, single payer systems, and regulated insurance markets. The United States has elements of two of these.
Answer the following statement true (T) or false (F)
If the government institutes a specific tax for a good that has a perfectly elastic demand curve
A) the producer passes the entire tax on to the consumer. B) the producer must absorb the entire tax. C) the producer can generally only pass part of the tax onto the consumer. D) the equilibrium price drops.
If the cost of medical care increases by 40 percent, then, other things the same, the CPI is likely to increase by about
a. 0.9 percent. b. 3.2 percent. c. 8.0 percent. d. 40 percent.
During the early 1990s, many workers in military-related industries lost their jobs as the defense budget was reduced. Unemployment of this type is called
What will be an ideal response?