The Medicare pay-as-you-go system is jeopardized by
a. an overly generous fee schedule that pays physicians more than private insurance for most procedures.
b. the changing demographics of the U.S. population with an increasing percentage over the age of 65
c. a reliance on the premiums paid by the elderly themselves to fund a majority of the total cost of the system.
d. allowing physicians to balance bill their patients.
e. the rising costs of long-term care.
B
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In an economy with no income taxes or imports, if the MPC is .75, the multiplier is
A) 0.50. B) 4.00. C) 0.33. D) 3.00. E) 0.25.
A firm has just ended its calendar year making a sale in the amount of $150,000 of merchandise purchased during the year at a total cost of $112,500. Although the firm paid in f for the merchandise during the year, it has yet to collect at year end from the customer. The n profit and cash flow from this sale for the year are
A) $0 and $150,000, respectively. B) $37,500 and -$150,000, respectively. C) $37,500 and -$112,500, respectively. D) $150,000 and $112,500, respectively.
Efficiency wage theories claim that firms may pay high real wages in order to:
A. avoid the threat of unionization. B. make workers more productive. C. discourage unskilled workers from applying. D. reduce the level of frictional unemployment.
Imagine that a high school junior received a bonus check from his boss on the last day of his summer job. He decides to save all of that bonus check to pay for his senior trip coming up next year instead of purchasing a much needed new automobile. From an economist’s perspective, which of the following statements about this decision is likely to be true?