What is the source of the U.S. fiscal imbalance and what are the painful choices that we face?
What will be an ideal response?
The source of the fiscal imbalance is the social security and, especially, the Medicare obligations made under current law. The painful choices are to raise income taxes, raise social security taxes, cut social security benefits, or cut federal government discretionary spending.
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The figure illustrates the demand for magazines. Newsagents will maximize their total revenue when they ________
A) sell 375 magazines a day B) sell as many magazines as they can C) charge $2.50 a magazine D) sell 750 magazines a day
If the autarky price of S (in terms of T) were lower in country A than in country B,
A) A has a comparative advantage in S. B) B has a comparative advantage in T. C) A has a comparative disadvantage in T. D) All of the above.
When we compare economic welfare in a monopoly market to a competitive market, the profits earned by the monopolist represent
a. a loss in total welfare. b. a transfer of benefits from the buyer to the seller. c. the higher marginal costs incurred by the monopolists in comparison to competitive firms. d. All of the above are correct.
Many individuals without health insurance receive "free" care. What are the sources of most of the care they receive?
a. Private, for-profit hospitals b. Multi-specialty physicians' practices c. Private, not-for-profit hospitals d. Public hospitals and clinics e. Solo practitioners and their associates