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Study Resources (Economics)

21.Among countries with per capita gross national income in 2006 greater than $24,000, A)high-income households tend to consume a larger share of GDP. B)the consumer price inflation rate tends to be lower. C)services tend to represent a smaller share of GDP. D)agriculture tends to produce a larger share of GDP. 22.Overall income disparity can be.
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Multiple Choice 1.In 2009 prescription drugs account for approximately ____ of total health care spending A)2.5% B)10% C)25% D)50% 2.A patent is a legal device which prevents A)a company from charging  whatever it likes for its product. B)others from copying an invention. C)others from copying music and books without author permission. D)companies from charging unreasonable amounts for their invention. 3.Patents grant.
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71.The United States has a trade surplus in A)services. B)petroleum. C)autos. D)optics. 72.The largest trading partner for the United States is A)Mexico. B)Canada. C)China. D)Saudi Arabia. 73.Trade as a percentage of GDP has A)remained constant for the last 50 years. B)increased over the last 50 years. C)decreased over the last 50 years. D)increased from 1960 to 1980 but has been steady since. 74.Imports into the.
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31.In the market for euros, a decrease in U.S. imports from Europe tends to A)decrease equilibrium price. B)increase excess demand. C)increase equilibrium price. D)cause no change in equilibrium price. 32.In the market for euros, a decrease in U.S. real interest rates tends to A)cause no change in equilibrium price. B)increase excess supply. C)increase equilibrium price. D)decrease equilibrium price. 33.In the.
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31.External costs are modeled by creating a new social cost curve that is A)lower than the original supply curve. B)higher than the original supply curve. C)lower than the original demand curve. D)higher than the original demand curve. 32.After accounting for externalities with a social cost curve, the new equilibrium would be such thatequilibrium price is.
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11.Sustainability requires that A)renewable natural resources be used only at a rate at which they can be replaced. B)limited natural resources be used as sparingly as possible. C)gamesmanship. D)Both gamesmanship and renewable natural resources be used only at a rate at which they can be replaced. 12.A person using a high discount rate is.
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41.Carbon monoxide in the air is_____ than its 1975 level. A)25% less B)3% less C)3% more D)25% more 42.The Clean Water Act has A)succeeded in getting every body of water in the U.S. to acceptably clean levels. B)succeeded in getting no body of water in the U.S. to acceptably clean levels. C)succeeded in getting many bodies of water.
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31.When someone is both poor and old they are on A)Medicare only. B)Medicaid only. C)both Medicare and Medicaid. D)aseparate program called "Eldercaid". 32.In order to save money, Medicaid has A)begun to utilize fee-for-service plans. B)begun to utilize HMO's. C)refused to cover those eligible for TANF. D)begun to utilize HMO's and refused to cover those eligible for TANF. 33.In order to.
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41.Medicare, Part A is A)voluntary at a low premium. B)compulsory at a low premium. C)compulsory at a high premium. D)voluntary at a high premium. 42.Medicare, Part B is A)voluntary at a low premium. B)compulsory at a low premium. C)compulsory at a high premium. D)voluntary at a high premium. 43.Many economists see that Medicare is necessary because A)of the problem of adverse.
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51.Medicare, Part B premiums are A)quite high relative to private insurance would charge. B)just above what private insurance would charge. C)in line with what private insurance would charge. D)quite low relative to private insurance would charge. 52.Under the intermediate projections produced in the Year 2000, Medicare will go bankrupt A)before 2005. B)between 2009 and 2012. C)around the 2020s. D)never. 53.For.
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51.If the exchange rate of US dollars for Canadian dollars is 1.1 Canadian dollars to $1 (U.S.) then the exchange rate of Canadian dollars for U.S.dollars is A).909 (1/1.1) US dollars per Canadian dollars. B).1 (1.1-1) US dollars per Canadian dollars. C)-.1 (1-1.1) US dollars per Canadian dollars. D)not knowable from this data. 52.If the.
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11.Of all Medicaid spending ____ goes for the health needs of the elderly. A)65% B)50% C)22% D)13% 12.Of all Medicaid Spending ____ goes for the health needs of children. A)50% B)35% C)20% D)13% 13.In 2011, Medicaid spending (net of SCHIPs) per patient was on average A)$938. B)$1,652. C)$4,211. D)over$8,000. 14.In 2009, the average child who was eligible for Medicaid cost the government A)$938. B)$2,848. C)$4,211. D)more than the average.
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21.In Figure 22.1 for a good with no externality, which area represents the total revenue to the producer? A)AP*C B)BP*C C)0BCQ* D)0P*CQ* 22.In Figure 22.1 for a good with no externality, which area represents the total revenue to the producer? A)0ACQ* B)BP*C C)0BCQ* D)0P*CQ* 23.In Figure 22.1 for a good with no externality, which area represents the producer surplus? A)ABC B)BP*C C)0BCQ* D)0P*CQ* 24.In Figure.
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Multiple Choice 1.A country’s real GDP can increase for brief periods of time A)only if its aggregate demand increases. B)only if its aggregate supply increases. C)if either its aggregate demand or its aggregate supply increases. D)only if both its aggregate demand and its aggregate supply increases. 2.In order for a country’s real GDP to increase without.
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11.In Figure 21.2, which area represents total revenue to the tobacco company? A)AP*C B)BP*C C)0BCQ* D)0P*CQ* 12.In Figure 21.2, which area represents producer surplus to the tobacco company? A)AP*C B)BP*C C)0BCQ* D)0P*CQ* 13.In Figure 21.2 and ignoring any possible externalities, the net benefit to society of this market is A)0ACQ* B)ABC C)BP*C D)0P*CQ* 14.In Figure 21.2 and ignoring any possible externalities, the net benefit to.
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61.The Children's Health Insurance Program was created in the A)1940s. B)1960s. C)1980s. D)1990s. 62.If a person makes just a little more than that which would make them eligible for Medicaid and they do not have a job that provides health insurance their children are likely to be eligible for A)the Children's Income Fund. B)the Children's Health Insurance.
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71.When health care is made available to the poor without cost, the poor consume A)fewer health care services than they otherwise would. B)the same health care services that they otherwise would. C)only the health care services essential for their survival. D)more health care services than they otherwise would. 72.When Medicare was created, costs were to.
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11.The ultimate source of long-term growth in already developed countries is A)increased worker productivity. B)larger and more powerful government. C)a workforce that always works harder. D)unrestricted immigration. 12.From 1990 to 2004, developed countries that experienced larger increases in Real GDP tended also to experience higher rates of A)population growth. B)deflation. C)unemployment. D)productivity growth. 13.From 1990 to 2004 among developed countries,.
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31.Which of the following was made illegal under the Patient Protection and Affordable Care Act A)co-payment. B)deductible. C)lifetime maximum. D)maximum out-of-pocket. 32.If a person has a deductible of $300 and must pay $500 out of a $1,300 health care expense in a year, then their co-payment rate is A)5%. B)10%. C)20%. D)50%. 33.A physician whose job is to determine if.
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41.If demand for drugs is inelastic, then changes in the supply curve through interdiction efforts will only slightly A)lower equilibrium quantity. B)lower equilibrium price. C)raise equilibrium price. D)raise equilibrium quantity. 42.Prohibiting the legal sale of a good because of the good’s external costs A)will always lead to fewer negative consequences of the good's sale and use. B)will.
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51.How does the inability of foreign investors to repatriate profits impact a developing economy? A)It inhibits government control of its economy. B)It fosters corruption C)It inhibits foreign investment. D)It harms a countries ability to construct infrastructure. 52.If a country allows foreign investors to repatriate profits, it will impact its economy by A)increasing aggregate demand. B)decreasing aggregate.
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61.Comparative advantage in production of the good measured on the horizontal axis is identified with a straight-line production possibilities frontier that has a slope that is A)larger in magnitude (or absolute value). B)smaller in magnitude (or absolute value). C)positive. D)larger in magnitude (or absolute value.) and positive. 62.A quota that limits U.S. imports of cane.
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81.A single payer system in the United States would A)decrease availability of health care services to those who are currently uninsured. B)necessitate a tax increase. C)likely decrease the waiting time for certain procedures. D)likely fail because no other nations have tried it. 82.A single payer system in the United States would A)decrease availability of health care.
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51.Setting taxes equal to marginal external costs are modeled by creating a new social cost curve that is A)lower than the original supply curve. B)higher than the original supply curve. C)lower than the original demand curve. D)higher than the original demand curve. 52.Tradable emission permits A)allow polluters to keep polluting while paying no price. B)prevent industries from.
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21.The lifetime maximum is the A)percentage of a covered expense that an individual will have to pay (after the deductible is met.) B)percentage of a covered expense that an insurance company will have to pay (after the deductible is met.) C)most of covered expenses that an individual will have to pay during a.
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21.After a drug has been invented, monopoly (when compared to perfect competition) creates A)more production. B)lower profits to firms. C)higher prices to consumers. D)more production and higher prices to consumers. 22.After a drug has been invented, monopoly (when compared to perfect competition) creates A)dead weight loss. B)lower profits to firms. C)higher prices to consumers. D)dead weight loss and higher.
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61.When an insurance company pays 20% of the bill for health care services, this A)reduces demand. B)reduces supply. C)makes demand less elastic. D)reduces demand and makes demand less elastic. 62.When an insurance company pays 20% of the bill for health care services, this A)increases supply. B)reduces demand. C)makes demand less elastic. D)reduces demand and makes demand less elastic. 63.When neither.
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41.What balances in balance of payment calculations A)exports and imports. B)exports and short term income balances. C)the capital and current accounts. D)exports minus imports (plus a statistical discrepancy) with short term income movements. 42.If there is a trade deficit that creates a current account deficit A)there must be a capital account deficit too. B)there must be a.
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61.The fraction of all adults under the age of 35 who have violated the law when it comes to their consumption of an illegal good or service is A)one tenth. B)one fifth. C)one half. D)two thirds. 62.Among the very real problems of tobacco, alcohol and illegal goods and services are A)added tax receipts. B)external costs. C)external benefits. D)salutary effects.
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71.Which exchange rate system requires an immediate response by a government to counter all market forces on exchange rates? A)The fixed exchange rate system B)The managed float exchange rate system C)The floating exchange rate system D)The Bretton-Woods exchange rate system 72.Which exchange rate system requires an immediate response by a government to counter market forces.
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11.The majority of people with private health insurance get it A)individually. B)in groups. C)at the grocery store. D)along with one other person. 12.Combined, Medicare and Medicaid cover A)6 million people. B)25 million people. C)100 million people. D)143 million people. 13.People generally buy insurance of any kind because they are A)risk neutral. B)risk loving. C)risk averse. D)risk seeking 14.Being risk averse means that you would be.
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11.An orphan drug is designed to treat A)an illness that afflicts few people. B)people without parents. C)an illness affecting large numbers of people. D)an illness that causes parents to die. 12.Without orphan drug laws A)people without parents could not afford drugs. B)more people would risk losing their parents to disease. C)people with common diseases would be have little.
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11.Aside from a statistical discrepancy, any deficit in the current account is matched by A)a deficit in the capital account. B)a surplus in the capital account. C)a surplus in the merchandise trade balance. D)the excess of exports over imports. 12.In 2011, the U. S. current account balance as a percentage of GDP was approximately A)20%. B)2%. C)0%. D)-3.5%. 13.In 2011,.
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21.Between 2000 and mid-2005, thevalue of the U.S. dollar expressed in Chinese yuan A)increased sharply. B)decreased precipitously. C)remained essentially constant. D)was zero because it was illegal to sell yuan. 22.In late 2008, the value of the U.S. dollar expressed in British Pounds A)increased sharply. B)decreased precipitously. C)remained essentially constant. D)was zero because it was almost impossible to sell dollars. 23.No.
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41.HMO insurance A)is more expensive than fee-for-service insurance. B)hasfewer meddlesome bureaucrats than fee-for service. C)restricts doctor choice to primary care physicians. D)requires all care be taken in hospitals. 42.An insurance plan that carries a low annual premium but also a low annual maximum amount that insurance will cover is called a A)mini-med. B)an HMO. C)a PPO. D)a fee.
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Multiple Choice 1.Medicaid is A)a private health insurance program for government employees. B)a private health insurance program for the poor. C)a public health insurance program for the poor. D)a public health insurance program for the elderly. 2.Medicaid began in the A)1930's. B)1960's. C)1980's. D)1990's 3.The recipients of Medicaid A)are all children. B)are all adults. C)are both children and adults in roughly equal numbers. D)are both.
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61.Suppose, for whatever reason, the trade deficit of the United States with Europeis projected to grow and suppose that before this happens the exchange rate between the euro and the dollar is .75 euros/dollar. The resulting exchange rate would likely A)rise to (perhaps) .9 euros/dollar. B)fall to (perhaps) .6 euros/dollar. C)cause the.
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31.Low wages and low-cost land in developing countries will not attract foreign investment in manufacturing facilities if the developing countries A)permit unrestricted repatriation of profits. B)protect their central banks from political control. C)lack well-developed infrastructure. D)all of the options are correct. 32.Among countries with per capita GDP in 2004 less than $2,000, A)inflation rates tend to.
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41.In Figure 20.2, the increase in Real GDP might reflect A)lower marginal tax rates on capital income. B)increased current government spending. C)increased consumer confidence. D)increased standards of environmental protection. 42.In Figure 20.2, if Aggregate Demand does not change, the increase in Real GDP will be accompanied by A)a higher price level. B)no change in the price level. C)a.
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Multiple Choice 1.The wood in a forest would be considered a A)limited natural resource. B)renewable natural resource. C)sequestered natural resource. D)sustainable natural resource. 2.Natural gas would be considered a A)limited natural resource. B)renewable natural resource. C)sequestered natural resource. D)sustainable natural resource. 3.Crude oil would be considered a A)limited natural resource. B)renewable natural resource. C)sequestered natural resource. D)sustainable natural resource. 4.The fish in the ocean would be.
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21.An example of an externality associated with drugs is a drug A)dealer killing his customer for lack of payment. B)dealer killing his supplier for lack of delivery. C)user ruining the drug user’s life. D)user ruining a spouse's life. 22.External costs are modeled by creating a new social cost curve that is A)lower than the original supply.
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Multiple Choice 1.In Figure 21.1, which area represents total value to the drug addict? A)0ACQ* B)BP*C C)0BCQ* D)0P*CQ* 2.In Figure 21.1, which area represents total expenditure by the drug addict? A)ABC B)BP*C C)0ACQ* D)0P*CQ* 3.In Figure 21.1, which area represents consumer surplus to the drug addict? A)AP*C B)0ACQ* C)0BCQ* D)0P*CQ* 4.In Figure 21.1, which area represents total variable cost to the drug dealer? A)OACQ* B)BP*C C)0BCQ* D)0P*CQ* 5.In Figure 21.1, which.
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Multiple Choice 1.The U.S. spends approximately ____ of GDP on health care. A)1% (1/100th) B)16% (1/6th) C)25% (1/4th) D)33% (1/3rd) 2.The government spends ___ of all health care dollars in the U.S. A)10% B)25% C)52% D)100% 3.The percentage of people without health insurance at some time during 2011 was A)76% B)24%. C)8%. D)2%. 4.Medicare is the Federal Government program that provides health insurance to the A)poor. B)injured. C)elderly. D)unemployed. 5.Medicaid is.
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61.A system of tradable air pollution permits has the advantage of A)reducing the total amount of air pollution. B)eliminating all environmental liability for participating polluters. C)rewarding efficient abatement effort at the expense of inefficient abatement efforts. D)ensuring that the goal amount of abatement occurs at the lowest social cost. 62.If it costs ConEd approximately $26.
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51.For a previously legal good, criminalization will cause A)demand to increase. B)demand to become more elastic. C)supply to become less elastic. D)price to fall, unambiguously. 52.For a previously legal good, criminalization will cause A)demand to increase. B)demand to become less elastic. C)supply to become more elastic. D)price to rise, unambiguously. 53.When a good is illegal, the demand curve is likely.
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Multiple Choice: 1.Since 1970, U.S. investment in other countries has A)increased by more than foreign investment in the U.S. B)increased by less than foreign investment in the U.S. C)necessarily increased by exactly the same as foreign investment in the U.S. D)increased more than twenty-fold. 2.Since roughly 1970, the U.S. has moved from being a A)net importer of.
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