In countries such as Canada that have socialized health care, the government operates hospitals, and health-care services are financed through tax revenue. In these countries,
A) the government is able to provide as much health care, free of charge, as citizens would like.
B) methods other than price, such as political rules and waiting lists, must be utilized to allocate health-care services.
C) a large number of services, such as MRIs, that involve expensive equipment are performed.
D) citizens are usually so satisfied with their health-care system that they never travel to other countries to purchase health-care services.
Ans: B) methods other than price, such as political rules and waiting lists, must be utilized to allocate health-care services.
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The impact of crowding out
A) is larger in an open economy as compared to a closed economy. B) is larger in a closed economy as compared to an open economy. C) is larger in an open economy as compared to a closed economy when fiscal policy is contractionary. D) is larger in a closed economy as compared to an open economy when fiscal policy is contractionary.
In 1950, the country with the highest per-capita GDP was
A) Switzerland. B) New Zealand. C) the United States. D) Venezuela. E) the Netherlands.
The aggregate-demand curve shows that a decrease in the price level
a. decreases the dollar value of goods and services demanded in the economy. b. decreases the real value of goods and services demanded in the economy. c. increases the dollar value of goods and services demanded in the economy. d. increases the real value of goods and services demanded in the economy.
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The economy is currently at Point B. The opportunity cost of moving from Point B to Point A is the
A. 120 LCD TVs that must be forgone to produce 20 additional OLED TVs. B. 30 LCD TVs that must be forgone to produce 40 additional OLED TVs. C. 20 OLED TVs that must be forgone to produce 30 additional LCD TVs. D. 40 OLED TVs that must be forgone to produce 120 additional LCD TVs.