The 2010 Patient Protection and Affordable Care Act (Obamacare) contains a provision that may require individuals to either purchase private health insurance or pay a tax. This is an example of
A) a mixed economy.
B) market capitalism.
C) centrally planned socialism.
D) the invisible hand.
A
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Which of the following statements correctly identifies a similarity between monopoly and perfect competition?
A) Entry is restricted in both market structures. B) Price equals marginal cost in both market structures. C) Production is expanded until marginal revenue equals marginal cost in both the market structures. D) Firms face an upward sloping demand curve and a downward sloping marginal revenue curve in both the market structures.
Short-run macroeconomic equilibrium occurs when the quantity of real GDP demanded ________
A) equals potential GDP B) equals full-employment GDP C) does not equal full-employment GDP D) equals the quantity of real GDP supplied