Compared with the market clearing price of a health care service covered by Medicare, the Medicare program pays a ________ price to health care providers and charges a ________ price to consumers
A) lower, lower
B) lower, higher
C) higher, lower
D) higher, higher
C
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If an airport decides to expand by building an additional passenger terminal, and in doing so it lowers its average cost per airplane landing, then the expansion would provide ________ to the airlines
A) higher marginal costs but lower total costs B) higher average costs but lower total costs C) economies of scale D) diseconomies of scale
The income multiplier's power to effect change in national income depends on the marginal propensity to consume
Indicate whether the statement is true or false
The impact of higher taxes would be examined by
A. a macroeconomist. B. a microeconomist. C. both a macroeconomist and a microeconomist. D. neither a macroeconomist nor a microeconomist.
If Real GDP contracted by more than 10%, economists would label that a
A. depression. B. expansion. C. recovery. D. recession.