(Consider This) The PPACA was intended to expand health care coverage to all Americans. Which of the following was not one of problems with the law in terms of that goal?
A. Firms avoided the employer mandate by cutting worker hours to part-time status.
B. Insurance providers are allowed to deny coverage to those with preexisting conditions.
C. Many poor workers were ineligible to receive the subsidies necessary to help them fulfill
the personal mandate.
D. States declined to set up the insurance exchanges specified in the act.
Answer: B
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Assume that the marginal propensity to consume in an economy is 0.75. If the economy's full-employment real GDP is $900 billion and its equilibrium real GDP is $800 billion, there is a recessionary expenditure gap of
A. $133 billion. B. $25 billion. C. $100 billion. D. $400 billion.
Assume a hypothetical case where an industry begins as perfectly competitive and then becomes a monopoly. Which of the following statements regarding economic surplus in each market structure is true?
A) Under perfectly competitive conditions, economic surplus is equal to consumer surplus; there is no producer surplus because firms are price takers. Under monopoly conditions, economic surplus is equal to producer surplus. B) Under perfectly competitive conditions, economic surplus in this industry is maximized. Under monopoly conditions economic surplus is minimized. C) Under perfectly competitive conditions, economic surplus is maximized. Under monopoly conditions economic surplus is less than under perfect competition and there is a deadweight loss. D) Under perfectly competitive conditions, economic surplus in this industry equals consumer surplus plus producer surplus. Under monopoly conditions, some consumer surplus is transferred to producer surplus, but economic surplus is the same as it was under perfectly competitive conditions.
Changes in the federal tax structure have a significant effect on state income tax collections because most states base their tax structure on the federal tax structure
a. True b. False
Data on trade barriers and the growth of per capita GDP indicate that
a. there is no link between the degree of a country's trade openness and its economic growth. b. more open economies have grown more rapidly than those that have imposed substantial barriers restricting trade. c. economies that have imposed high trade barriers have, on average, grown more rapidly than economies that are more open to international trade. d. countries with higher trade barriers have been able to achieve higher levels of per capita GDP than those that are more open to international trade. e. both c and d are correct.