Answer the following statement(s) true (T) or false (F)

1. Social Security involves cash transfer payments.
2. The United States spends a higher portion of GDP on healthcare than any other
industrialized nation.
3. The demand for healthcare has deceased over the past several decades.
4. The demand for healthcare is fairly inelastic.
5. Third-party payments act as an incentive for patients and physicians to minimize
heath care costs.


1. TRUE
2. TRUE
3. FALSE
4. TRUE
5. FALSE

Economics

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