According to the text, the portion of total U.S. national income spent on health care was about ________ in 2015 as opposed to about ________ in 1965.
A. 34 percent; 17 percent
B. 17 percent; 6 percent
C. 17 percent; 34 percent
D. 6 percent; 17 percent
Answer: B
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The rivalry versus nonrivalry issue is
A. relevant to the issue of market failure. B. not relevant to the issue of market failure. C. relevant to the free-rider problem. D. a and c E. b and c
Economic Profit equals accounting profit plus the cost of capital
Indicate whether the statement is true or false
Inelastic demand creates an incentive for suppliers to:
A. stop producing altogether. B. compete with each other and increase quantity supplied. C. try to get together and increase quantity supplied. D. try to get together and limit quantity supplied.
Macroeconomists would be most likely to study which of the following?
A. average annual earnings of self-employed workers B. average annual earnings of all employed workers in the United States C. average annual earnings of doctors D. average annual earnings of lawyers