Which of the following grew rapidly after the passage of the Medicare and Medicaid programs in the mid-1960s?
a. the share of healthcare expenditures financed directly by the consumer
b. the share of healthcare expenditures financed by third parties
c. the prices of healthcare relative to the prices of other goods and services
d. both b and c
D
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A PPF, such as the one above, that bows outward illustrates
A) decreasing opportunity cost. B) increasing opportunity cost. C) that technology is improving. D) that productivity is falling.
Which of the following would mostly likely shift the production possibilities curve in an outward direction?
a. a decrease in the current rate of unemployment b. a movement along the curve sacrificing capital goods for consumption goods c. an increase in the price of goods and services d. advances in medicine that reduce the incidence of disease and lengthen productive life spans
When the money market is drawn with the value of money on the vertical axis, if the money supply rises
a. the price level and the value of money rise. b. the price level rises and the value of money falls. c. the price level falls and the value of money rises. d. the price level and the value of money fall.
Which of the following statements about the European Union (EU) is true?
A. All members of the EU use a common currency (the euro). B. The EU has abolished most trade barriers among participating countries, and has common tariffs applied to non-EU goods. C. The EU has eliminated most barriers to the trade of goods and services among participating nations but largely restricts the movement of labor and capital. D. Trade within the EU is liberalized, but EU nations set most of their own policies with regard to trade with non-EU nations.