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Define Medicare and Medicaid, two of the U.S.’s public health care systems, and explain their difference.
In the Michael Moore documentary we saw, “Sicko,” a Blue Cross/Blue Shield call center operator told many enrollees they would be denied health insurance, and a Medical Reviewer for Cigna Insurance Company was encouraged to deny medical claims to enrollees. Name one microeconomic theory we’ve studied in this course that could provide an explanation for this behavior by health insurance companies and give your reason(s) for choosing this theory.
Dye (2010) stated “Policies that solve the problems of one group in society may create problems for other groups.” Present one policy specifically targeted towards one group in society that created issues for other groups.
Governments build highways and provide medical care, welfare, border security, schools and education. If the market is such an efficient and beneficial mechanism, why isn’t it universally relied on? Explain
Illustrate what is the WTO. Briefly describe one trade topic identified by the WTO on the website. And, what did you learn from the Web site about the WTO.
What is the relationship between the output of a perfectly competitive market and the output of a monopoly when both face the same costs (assume constant marginal cost) and the same linear demand. Sketch this basic assumptions and comment on the two ..
Manages regularly face the choice of increasing advertising expense or reducing price to increase sales in the Oligopoly market structure. The finance department predicts dropping the price by $2.00 will increase sales by 3,000 to 33,000 units next y..
Define income elasticity of demand with two examples for two types of goods? Explain how as a manager you can use the concept to your advantage.
If you wanted to measure the amount of income households had available after paying personal taxes, which of the following would you use?
Indicate how Ford's management should use this information to make sound strategic decisions.
for each of the following describe some of the potential opportunity costsa. studying for your economics testb.
Under a monopsony scenario explain why the marginal labor cost is above the supply curve (average labor cost). What is the nature of inefficiency or misallocation associated with monopsony power?
A $25,000 bank loan is to be repaid in equal yearly payment over 15 years at an effective annual interest rate of 7%. You did the calculation and found that your annual payment is $2745. What is the unpaid principal after you made your 8th payment?
A war in the Middle East takes the most cost efficient oil fields out of production for several years. Describe what would happen to the oil market during the war. A tanker runs aground in Alaska, cutting off 5 percent of the world’s oil supply. At t..
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