Canada has nationalized health care, so that everyone, regardless of their ability to pay, has some access to health care
Based on this observation, Canada has decided that "everyone, regardless of their ability to pay" is the answer to what microeconomic question? A) What type of health care will be produced and in what quantity?
B) How will health care be produced?
C) For whom will health care be produced?
D) Why will we offer health care?
E) Must we offer health care?
C
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Suppose that along the aggregate demand curve, real GDP equals $14.2 trillion when the GDP deflator is 90. If the GDP deflator were 95, real GDP along the aggregate demand curve would equal
A) more than $14.2 trillion but less than $14.8 trillion. B) less than $14.2 trillion. C) $14.2 trillion. D) more than $14.8 trillion.
All economic models must involve simplifications because
a. economists would be unable to command high salaries if their models were so simple that anyone could understand them b. human behavior is very erratic and unpredictable c. reality is too complex to understand in its entirety, so we must reduce it to a level that we can understand d. they always try to duplicate all possible information and cover all possible variables that might influence decision making e. we must rely on value judgments and ignore reality
The inflationary gap is the
A. inflation rate that will occur from excess aggregate demand. B. budget deficit that caused the inflation to occur. C. distance between the equilibrium level of output and the full employment level of output. D. gap between expected and actual inflation.
Federal spending on defense comes to about _____ per person in the United States.
A. $1,000 B. $1,900 C. $2,700 D. $3,500