Based on the graph showing the 2016 U.S. health dollar, which two of the following categories make up roughly half of all health care expenditures?
a. hospital care; physician and clinical services
b. hospital care; prescription drugs
c. nursing homes and home health care; prescription drugs
d. prescription drugs; other spending
a. hospital care; physician and clinical services
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An entry barrier exists when firms in an industry charge the lowest price possible for their products
Indicate whether the statement is true or false
The 2002 tax reform is a good example of special interests being less influential because Congress was considering comprehensive tax reform
a. True b. False
The Federal Reserve System functions as America's
a. tax collector. b. stock and bond market. c. savings bank. d. central bank.
What is the best definition for rules of thumb?
a. universal principles that apply to economic situations across time and culture b. limitations placed on the ability of humans to problem solve effectively c. decision-making shortcuts based on what seems to have worked well in the past d. ways of circumventing traditional economic principles in order to maximize utility