What phrase best describes medical care spending in the United States in 1998?
a. Total spending of more than $2 trillion represents 17 percent of GDP and approximately $8,000 per capita.
b. Total spending of more than $1 trillion represents 14.8 percent of GDP and almost $6,000 per capita.
c. Total spending of less than $1 trillion represents less than 13 percent of GDP and almost $3,000 per capita.
d. Total spending is rising at double-digit rates and spending is soaring to over $5,000 per capita.
e. Total spending is under control and represents a shrinking percentage of GDP.
A
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Using the growth accounting equation, if the growth rate of technology is 3%, the growth of labor is 2% and the growth of capital is 1% then if ?=0.25 then growth of output can be estimated to be:
A. 4.25%. B. 4.00%. C. 6.00%. D. 4.75%.
Ben consumes soda and cheeseburgers. If his total utility from sodas is currently 40, and his total utility from cheeseburgers is 30, and the price of cheeseburgers is twice the price of sodas, a. Ben is in equilibrium
b. Ben should increase his soda consumption and decrease his cheeseburger consumption. c. Ben should decrease his soda consumption and increase his cheeseburger consumption. d. we cannot conclude that any of the above are correct.
In some industries, pollution rights are sold from one company that does not need them to another that does. In recent years, conservation groups have purchased pollution rights so they cannot be exercised. Companies in need of pollution rights will find that:
A. the supply of pollution rights has increased. B. the relative costs of pollution control equipment have gone up. C. the relative costs of pollution control equipment have fallen. D. the prices of pollution rights have fallen.
In the above figure, if the market is competitive and unregulated, then at the equilibrium amount of output the marginal social benefit is
A) less than the marginal cost to producers. B) greater than the marginal social cost. C) equal to the marginal cost to producers. D) equal to the marginal private benefit from consumption.