What is one result of the Medicare subsidy?
A) The health care industry is more efficient than it otherwise would be.
B) Patients may elect to have some treatments that are of low value to them but that are costly to provide.
C) The elderly population in the United States receives a lower quality of medical care than what is provided for the elderly population in other countries.
D) The number of physicians in the United States has declined.
Answer: B
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Use the data in the table above and suppose that labor is the only variable factor of production. If each worker is paid $42.00 per day, what is the average variable cost to Decent Donuts of producing 122 dozen donuts per day?
A) $1.91 B) $2.16 C) $2.41 D) $3.06
Equity of U.S. companies can be purchased by
A) U.S. citizens only. B) foreign citizens only. C) U.S. citizens and foreign citizens. D) U.S. mutual funds only.