President Obama has suggested some form or universal health coverage for all Americans. How do you feel about this?
What will be an ideal response?
Answers will vary with some saying that government will not be able to administer such a
system and there will be shortages. In addition, some will argue that the system will bankrupt
the country. On the other hand, some will say that with coverage being more readily available,
average productivity of Americans will rise. In addition, some will argue that since the
government has massive influence, it will be able to demand lower prices.
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A labor union is a group of
a. employees who join together to improve their working conditions b. firms that join together to hire workers c. firms that work together to negotiate better prices in the market d. farmers who work together to receive better prices for their agricultural products e. workers and firm owners who join together to improve working conditions
How does age affect the amount of income people earn?
If Israel has a lower opportunity cost producing oranges than Canada, then compared to Canada's orange production, it
a. is less efficient in producing other goods b. has an absolute advantage producing oranges c. cannot export oranges to other countries successfully d. has a comparative advantage producing oranges e. will have reason to import oranges
If the poor cannot afford proper medical treatment, an economist, for reasons of efficiency, would favor
a. giving the poor added income to spend as they see fit. b. paying doctors bonuses to treat the poor. c. paying the medical bills of the poor. d. giving the poor "medical stamps."