The United States uses a single payer model of healthcare in which the government pays for all healthcare. Because a single payer model of health care creates no deadweight loss, most economists agree that the U.S. system of health care is efficient
A) Both sentences are false.
B) The first sentence is false; the second sentence is correct.
C) The first sentence is correct; the second sentence is false.
D) Both sentences are correct.
A
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Suppose that the United States can make 15 cars or 20 bottles of wine with one year’s worth of labor. France can make 10 cars or 18 bottles of wine with one year’s worth of labor. From these numbers, we can conclude that
A. the United States has a comparative advantage in the production of cars. B. France has a comparative advantage in the production of wine. C. the United States has an absolute advantage in the production of cars. D. All of the above are correct.
When there is only one buyer in the market
A. the supply curve for the good will be perfectly elastic. B. then the market will be perfectly competitive. C. a closed shop exists. D. a monopsony exists.