The share of federal government spending on healthcare has risen substantially over time. This is most likely a result of
a. medical advances that provide new, better, but often more expensive medical treatments.
b. a rising population of the elderly in the economy.
c. health insurance reform that will include government subsidies for health insurance for many low-to-moderate income families.
d. All of the above are important factors.
d
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The principle of horizontal equity is satisfied when _____
a. individuals receiving the same benefits end up paying the same in taxes b. the public interest is being met c. all individuals pay the same tax d. individuals with an equal ability to pay end up paying the same in taxes
Which of the following statements about a competitive firm is correct?
A. To maximize profits a competitive firm should produce at that output at which total revenue is greatest B. In long-run equilibrium a competitive firm will produce at the point of minimum average costs C. A competitive firm will produce in the short run so long as total receipts are sufficient to cover total fixed costs D. A competitive firm will close down in the short run whenever price is less than the minimum attainable average total cost