Describe the major spending categories and percentage for health care spending
What will be an ideal response?
Hospitals account for 32% of health care spending and physicians’ payments account for 20%. There is 21% of spending for dental care, vision care, and miscellaneous categories. Nursing homes account for 10% of health care spending. Prescription drugs are 10% of health care spending. Finally, there is 7% of spending that goes for program administration.
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According to the Application, the cultural habits of the rich filtered down through English society. These habits included all of the following virtues EXCEPT
A) impulsive behavior. B) thrift. C) prudence. D) hard work.
In the summer of 2008, the price of gasoline increased greatly. If the demand curve for gasoline did not shift, which of the following occurred?
A) Drivers received no consumer surplus after the price increase. B) Consumer surplus increased if drivers drove less. C) Consumer surplus decreased. D) If consumers drove the same amount, they received less total benefit. E) Both the marginal benefit from each gallon of gasoline and the consumer surplus from each gallon of gasoline decreased.
Assume that firms A and B have the same minimum efficient scale of operation and, at current production levels, both firms are incurring the same average costs of production. However, firm A's output is 5 times larger than firm B's output
How is this possible?
Shane just received a pay raise. Which of the following actions would be an example of the substitution effect on labor?
a. deciding to work extra hours b. deciding to spend more time on leisure c. deciding to purchase more expensive brands d. deciding to save more money for retirement