Refer to Figure 7-5. With insurance and a third-party payer system, what price do consumers pay for medical services?
A) $40 B) $55 C) $65 D) > $65
A
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The strongest point in the case against activism is that
A) so many segments of private aggregate demand are unstable. B) activist policy, even if desirable, is too difficult to perform well enough. C) private aggregate demand is basically stable. D) policy rules for targets have been proven by the record of the Fed in the 1980s and 1990s to be perfectly feasible.
If there are important spillover benefits from consumption of a good, a. government should prohibit its production
b. taxes should be imposed on producers of the product. c. the market demand curve for the good understates the value of the product to society and resources are therefore underallocated to its production. d. the market demand curve for the good overstates the value of the product to society and resources are therefore overallocated to its production.
Suppose an American worker can make 20 pairs of shoes or grow 100 apples per day. On the other hand, a Canadian worker can produce 10 pairs of shoes or grow 20 apples per day. Which of the following statements is true?
A. The United States has the absolute advantage in the production of shoes and Canada has the absolute advantage in the production of apples. B. Canada has the absolute advantage in the production of shoes and the United States has the absolute advantage in the production of apples. C. Canada has the absolute advantage in the production of both shoes and apples. D. The United States has the absolute advantage in the production of both shoes and apples.
What are the terms of exchange and how are these terms related to the price?
What will be an ideal response?