The percentage of national income spent on health care
A) has steadily decreased since 1965.
B) has steadily increased since 1965.
C) increased until the end of the 1970s and then decreased in the 1980s and 2000s.
D) decreased until the end of the 1970s and then increased in the 1980s and 2000s.
Answer: B
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Economic growth will tend to be higher in a country that
a. has a low savings rate. b. has an open economy that encourages the rapid spread of technology. c. has an undeveloped system of property rights. d. does not grant patents to investors.
When a specialized worker gains insights into a particular task that leads to better production methods, this is called
A) repetition. B) specialization. C) continuity. D) innovation.
Which of the following is not evidence of the lower standard of living among less-developed countries?
a. High per capita real GDP. b. High percentage of households headed by females. c. High infant mortality rate. d. Low life expectancy. e. High birth rate.
Which of the following us not an example of resource scarcity?
a. There is a finite amount of petroleum in the world b. Farming communities are experiencing droughts c. There are not enough physicians to satisfy all desires for health care in the US d. Cassette tapes are no longer being produced e. Teachers would like to have more instructional technology in their classrooms