Which of the following comprised the largest share of total health-care spending in 2011?
A. Physicians
B. Hospitals
C. Nursing homes
D. Prescription drugs
B. Hospitals
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The U.S. work week has declined from 60 hours in 1890 to 40 hours today. The impact of the decline in working hours
A) increases U.S. GDP and increases the well-being of a typical working person in the U.S. B) increases U.S. GDP and decreases the well-being of a typical working person in the U.S. C) decreases U.S. GDP and decreases the well-being of a typical working person in the U.S. D) decreases U.S. GDP and increases the well-being of a typical working person in the U.S.
What happens to total revenue given a price increase and demand is inelastic? Why?
Total government spending (federal, state, and local) sums to approximately:
a. 10 percent of the U.S. economy. b. 20 percent of the U.S. economy. c. 40 percent of the U.S. economy. d. one-half of the U.S. economy.
Refer to the diagram. The equilibrium price and quantity in this market will be:
A. $1.00 and 200.
B. $1.60 and 130.
C. $0.50 and 130.
D. $1.60 and 290.