In the year 2015, the United States spent about
A) 17 percent of GDP on health care.
B) 100 percent of GDP on health care.
C) 6 percent of GDP on health care.
D) 2 percent of GDP on health care.
Answer: A
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Economists view the fact that Florida grows oranges, Texas pumps oil, and California makes wine as
a. confirmation of the virtues of free trade. b. confirmation of the infant-industry argument. c. confirmation that free trade agreements are not necessary. d. confirmation that specialization in absolute advantage works.
We have run merchandise trade deficits of over $70 billion since
A. 1963. B. 1969. C. 1973. D. 1983.
Refer to the diagram. The initial aggregate demand curve is AD 1 and the initial aggregate supply curve is AS 1 . In the long run, demand-pull inflation is best shown as:
A. a shift of aggregate demand from AD 1 to AD 2 followed by a shift of aggregate supply from AS 1 to AS 2 .
B. a move from d to b to a.
C. a shift of aggregate supply from AS 1 to AS 2 followed by a shift of aggregate demand from
AD 1 to AD 2 .
D. a move from a to d.
A decrease in the quantity of money supplied at a given price level causes
A) no change in aggregate demand. B) a decrease in aggregate demand. C) an increase in aggregate demand. D) an increase in aggregate supply.