Compared to other high-income countries, health care spending per person in the United States has been
A) growing at a faster rate.
B) declining at a faster rate.
C) growing at approximately the same rate.
D) declining at approximately the same rate.
Answer: A
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The figure above shows Prakash's and Gail's production possibilities frontiers for writing books and magazine articles
a. What is Prakash's opportunity cost of a book? What is Gail's opportunity cost? Who has the comparative advantage in writing books? b. Who has the comparative advantage in writing magazine articles? c. According to their comparative advantages, who should write books and who should write magazine articles?
When the percentage change in price is greater than the corresponding change in quantity demanded, demand is inelastic
Indicate whether the statement is true or false
Barometric price leadership exists when
A) one firm in the industry initiates a price change and the others may or may not follow. B) one firm imposes its best price on the rest of the industry. C) when all firms agree to change prices simultaneously. D) when one company forms a price umbrella for all others.
The short-run industry supply curve in a perfectly competitive market is the horizontal sum of each firm's short-run supply curve
a. True b. False