Answer the following statements true (T) or false (F)
1. The health care industry includes the manufacture and sale of low-fat food.
2. Most industrialized countries emphasize private health insurance paid by employers, to provide coverage for most workers in each nation.
3. Employers in the U.S. started offering health insurance as a fringe benefit to their employees during World War II as a way of getting around the wage controls that were in effect then.
4. The prominence of employer-provided health insurance in the U.S. is one major cause of the overconsumption and rapidly rising costs of health care in the country.
5. The twin problems of health care in the U.S. are the rapidly rising cost of health care and limited access to health insurance coverage.
1. F
2. F
3. T
4. T
5. T
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What is meant by the marginal rate of transformation?
What will be an ideal response?
Perfectly competitive firms that earn an economic profit in the short run choose the output that
a. maximizes total revenue b. minimizes total cost c. maximizes the difference between total revenue and total cost d. maximizes the difference between total revenue and explicit cost e. maximizes the difference between total revenue and implicit cost
If the demand for a good is price elastic, then the price elasticity will be
a. equal to one b. equal to zero c. greater than one d. less than one e. less than zero
When inflation occurs, consumers
a. realize gains in their wealth. b. increase spending to catch up with higher prices. c. automatically shift the consumption line upward. d. suffer a decrease in real wealth.