Why is there an asymmetric information problem in the market for health care?
A. The patient, not the physician, knows most about the amount and type of health care to be provided
B. The government, not the physician, knows most about the amount and type of health care to be provided
C. Insurance companies, not the physician, knows most about the type of health care to be provided
D. The physician, not the patient, knows most about the amount and type of health care to be provided
D. The physician, not the patient, knows most about the amount and type of health care to be provided
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Assume that a union representative argues that the social security tax is essentially paid for completely by the worker in the form of a lower wage equal to the amount of the tax
If this person were correct what is implicitly assumed to be the shape of the labor supply curve and why? Is this a reasonable assumption? Why or why not?
Fiat money
A) serves well as a medium of exchange, but not as a store of value. B) has no or very little value except as money. C) is rarely used in modern economies. D) functions well only if can be redeemed for gold or other precious metals.
Which of the following is correct according to the long-run Phillips curve?
a. No government policy, including changes in the money supply growth rate, can change the natural rate of unemployment. b. Changes in the money supply growth rate are the only means by which government policy can change the natural rate of unemployment. c. Monetary policy cannot change the natural rate of unemployment, but other government policies can. d. Monetary policy and other government policies can shift the long-run Phillips curve.
The banks basic reserve ratio on checking deposits over $55.2 million is now
A. 16%. B. 14%. C. 12%. D. 10%.