As a percentage of GDP, U.S. health care spending is:
A. higher than that for Germany and Japan but lower than that of the United Kingdom and
Sweden.
B. higher than for any other major industrial country.
C. lower than that for Canada.
D. nearly identical to that of the other major industrial nations.B
Answer: B
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In the World View article on new tariffs on imported steel from China, the tariff is designed to
A. Protect U.S. steel consumers. B. Protect Chinese workers who produce steel. C. Protect U.S.-based import-competing industries. D. Protect U.S. steel distributors.
Price Per UnitQuantity Demanded Per Unit of Time$2012$1817$1620$1424$1230$1036$840$644$448Refer to the above data. What is the price elasticity of demand over the range of $8 to $10?
A. 0.47 B. 1.43 C. 1.93 D. 0.11
The study of how people choose among the alternatives available to them is the:
A) definition of economics. B) model of demand. C) theory of opportunity costs. D) method of distinguishing between microeconomics and macroeconomics.
Starting from long-run equilibrium, a war that raises government purchases results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; potential C. higher; higher D. lower; higher