International free trade:
A. allows everyone involved to gain surplus.
B. may have individual winners and losers of surplus within a country.
C. creates surplus only for the producers in a country.
D. creates surplus only for the consumers in a country.
B. may have individual winners and losers of surplus within a country.
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According to the method of growth accounting, which of the following contribute to economic growth?
A) technological progress B) capital growth C) labor growth D) all of the above
Compared to other nations, the United States spends the largest proportion on health care and consequently ranks above other industrialized nations in life expectancy and infant mortality.
Indicate whether the statement is true or false
The cost to a physician of tending a patient is
A) dependent on the number of years over which the physician practices. B) higher for a recent medical-school graduate than for a physician with a well-established practice. C) the value of the time when spent in its next best use. D) zero under a system of complete and comprehensive medical insurance.
During an economic boom,
a. the actual rate of unemployment will exceed the natural rate of unemployment. b. the output of the economy will exceed its long-run potential output. c. widespread unemployment will cause inflation to increase. d. the actual rate of unemployment will equal the natural rate of unemployment.