Due to the trend in U.S. out-of-pocket health care spending over the past 50 years, the fraction of the true cost of health care being paid directly by consumers
A) has been rising.
B) has been falling.
C) has remained relatively constant.
D) has reached zero.
Answer: B
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Refer to Figure 9-4. Suppose the government allows imports of leather footwear into the United States. The market price falls to $24. What area represents consumer surplus?
A) V + W + X + Y B) R + S C) R + S + T + U D) R + S + V
Mo's current income is $100 more per month than his current consumption needs. He decides to use the $100 to reduce his credit card debt. As a result, his:
A. assets and his wealth will increase. B. liabilities will decrease and his wealth will increase. C. liabilities and his wealth will decrease. D. assets will decrease and his wealth will increase.
During the late nineteenth century, the gold standard was a subject of controversy. Why?
A) Businesses resented fixed exchange rates because of their inability to raise or lower prices. B) Gold flows were erratic and resulted in a series of large economic swings—booms and busts. C) Prices were stable and predictable, but profits fell. D) Governments cheated on printing money, causing inflation problems all over the world.
If loans are $300,000, checkable deposits are $600,000, and the required reserve ratio is 40 percent, then excess reserves are:
A. $360,000. B. $240,000. C. $120,000. D. $60,000.