In ________, health care spending per person based on income per person is significantly higher than the average for most other countries
A) the United States B) Austria C) Norway D) Canada
A
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Mr. Smith earned a salary of $5,000 in in 1980 while his son earned a salary of $8,000 in 2010. If the price index for 1980 was 100 and that for 2010 was 198, whose salary was worth more? Explain your answer
What will be an ideal response?
Total fixed cost is the sum of all
A) costs of the firm's fixed factors of production. B) costs associated with the production of goods. C) costs that rise as output increases. D) the marginal costs of the different factors of production.
Other things equal, expected income can be used as a direct measure of well-being
A) always. B) no matter what a person's preference to risk. C) if and only if individuals are not risk-loving. D) if and only if individuals are risk averse. E) if and only if individuals are risk neutral.
A point inside a nation's production possibilities curve can represent:
a. a recession. b. an increase in population size. c. an economic growth. d. a technological advancement. e. an improvement in living standards.