What phrase best describes medical care spending in the United States in 2015?
Ans: The total spending of more than $3 trillion represents over 17 percent of GDP and approximately $10,000 per person.
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Use the figure above to answer this question. Consider a perfectly competitive market experiencing good times
Figure ________ shows a firm maximizing profit in the short run because it produces ________ units and makes an economic profit of ________. A) A; 100; $2 per unit B) A; 90; $3 per unit C) B; 100; $0 per unit D) C; 100; $3 per unit E) C; 110; $2 per unit
The excess burden of an income tax is a function of the _____
a. average tax rate b. flat tax rate c. marginal tax rate d. Laffer curve
If the U.S. dollar depreciates, in the long run the United States should experience a
A. Larger deficit in the U.S. current account. B. Lower inflation rate. C. Smaller deficit in the U.S. trade balance. D. Larger deficit in the U.S. capital account.
The Cost-Benefit Principle tells us that a firm should continue to expand production as long as:
A. price of the good is greater than its marginal cost. B. it can sell another unit of the good. C. the firm's profit is positive. D. the supply curve is upward sloping.