The Congressional Budget Office estimates that the payments to settle malpractice lawsuits and the premiums doctors pay for malpractice insurance account for ________ of health care costs in the United States
A) between 20 and 30 percent
B) roughly half
C) less than 1 percent
D) a vast majority
Answer: C
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A market equilibrium:
A. leaves unexploited opportunities for individuals. B. exploits all gains achievable through collective action. C. leaves no unexploited opportunities for individuals. D. maximizes total economic surplus.
The formula for an infinite sum is
A) 1 + b + b2 + b3 + b4 + ... = b / (1 - b). B) 1 + b + b2 + b3 + b4 + ... = 1 / (1 - b). C) 1 + b + b2 + b3 + b4 + ... = 1 / b. D) 1 + b + b2 + b3 + b4 + ... = 1 / (1 + b).
Suppose there is a rise in the price level, but no change in the money wage rate. As a result, the quantity of labor demanded
A) increases. B) decreases. C) does not change because there is no change in the real wage rate. D) decreases only if the money wage rate also decreases.
The demand curve facing Imelda's Shoe Boutique, a monopolistically competitive firm,
a. is horizontal because Imelda's is small relative to the market as a whole b. is horizontal because Imelda's is large relative to the market as a whole c. slopes downward because Imelda's is small relative to the market as a whole d. slopes downward because Imelda's sells a differentiated product e. slopes downward because Imelda's firm is the entire industry