In the United States, those most likely to be uninsured are:
a. low-income children.
b. low-income adults.
c. middle class adults.
d. middle class children.
Ans: b. low-income adults.
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According to the Laffer curve, a decrease in the tax rate will increase tax revenue
A. if the economy is at the farthest point out on the curve. B. if the economy is on the negatively sloped section of the curve. C. no matter the location of the economy on the curve. D. if the economy is on the positively sloped section of the curve.
All of the following conditions, except one, are satisfied when a perfectly competitive market is in short-run equilibrium. Which is the exception?
a. No firm is suffering an economic loss. b. Each buyer purchases the quantity he wants at the market price. c. Each seller produces the quantity she wants at the market price. d. Suppliers want to sell the same quantity that buyers want to purchase. e. The market coordinates the independent decisions of all the participants.