Of the following, the most rapid rise in health care costs in the United States can be attributed to
A) the cost of malpractice insurance.
B) the cost to treat uninsured patients.
C) slow growth in labor productivity in health care.
D) the cost of malpractice lawsuit settlements.
Answer: C
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Answer the following statements true (T) or false (F)
1. In a market economy, resources are allocated by the government. 2. In a market system, the government enforces laws ensuring that private enterprises and conditions of competition will prevail. 3. The most common type of business in the United States is the corporation. 4. The vast majority of U.S. businesses have more than 500 employees each.
If the backward-bending supply curve for labor has relevance for public finance, it is because _____
a. at really high wage rates there will be insufficient labor to meet aggregate demand b. there is a trade-off between leisure and labor c. income taxes do no raise sufficient revenue to pay for public goods because individuals consume too much leisure d. taxpayers are not receiving as much utility from public sector output as they are losing through the income effect associated with income taxes
In 2003, the top 20 percent, or wealthiest fifth, of U.S. households earned _____.
(A) About the same as the bottom four fifths combined. (B) Less than the bottom four fifths combined. (C) More than the bottom four fifths combined. (D) Less than the bottom three fifths combined.
The long-run aggregate supply curve shows the output level that an economy can produce when:
A. firms adjust quantity rather than price. B. both capital and labor are fully employed. C. capital is fully employed. D. labor is fully employed.