Describe rising health care costs in the United States relative to GDP
What will be an ideal response?
Costs have been rising in absolute and relative terms. Health care spending was 17.9% of domestic output in 2012. The highest per capita health care expenditures in the world are in the United States.
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Holding other factors constant, if Congress passes a 5% investment tax credit under which a firm receives $5 in tax refunds from the government for every $100 it spends on new capital equipment, then the real interest rate will ________ and the equilibrium quantity of national saving and investment will ________.
A. increase; decrease B. increase; increase C. decrease; increase D. increase; not change
If there is a causal relationship between two variables X and Y
A) both should be used as explanatory variables. B) then the causal variable should be used as the explanatory variable. C) then they must be positively correlated. D) one of them can be omitted from the analysis.
Marginal analysis involves: a. comparing the total benefits of all actions to the total costs incurred as a result of those actions. b. abstract thinking, which is never actually utilized by consumers when making purchasing decisions. c. holding all other variables constant when isolating the relationship between two variables
d. comparing the additional benefit from an action to the additional cost.
Herbert Simon has concluded that decision making in industry is often best described as
a. optimizing behavior. b. profit maximizing. c. satisficing. d. saturating.