Employer-provided private health insurance began in the United States because:
A. the rising threat of socialism prompted U.S. companies to provide insurance to dampen
enthusiasm for socialist reform.
B. during World War II, wage and price controls forced employers to use nonwage forms of
compensation to attract workers.
C. poor health conditions at the beginning of the 20 th century prompted the U.S. government
to require new companies to offer health insurance to employees.
D. the American Medical Association successfully lobbied the U.S. government to provide
subsidies to companies offering private health insurance to employees.
Answer: B
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In the short run, a supply shock that shifts the short-run aggregate supply curve leftward ________ real GDP and ________ the price level
A) increases; raises B) decreases; raises C) increases; lowers D) decreases; lowers
Whenever a choice is made:
A) the value of all the other choices that could have been made is called opportunity cost. B) normative economics is encountered. C) the problem of "all other things unchanged" results. D) the opportunity cost of that choice is the highest-valued other choice that could have been made.