What has happened to health care's share of gross domestic product in the United States since 1965? How does this compare to what has happened to out-of-pocket spending on health care as a percentage of all spending on health care?
What will be an ideal response?
Health care's share of gross domestic product in the United States has increased from less than 6 percent in 1965 to nearly 18 percent in 2017, and is projected to continue rising in future years. Out-of-pocket spending on health care as a percentage of all spending on health care has steadily declined, falling from 48 percent in 1960 to 10 percent today.
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More people started building houses in earthquake-prone regions when the government of Polonia launched an insurance program for houses in this region. This is an example of ________
A) adverse selection B) a positive externality C) moral hazard D) herd behavior
On a graph with time on the horizontal axis and real GDP per capita on the vertical axis, the income levels of poorer countries are
a. diverging more from the incomes of rich countries. b. maintaining a constant gap with the incomes of richer countries. c. crossing the line representing richer countries. d. coming closer to the line representing richer countries.
Economists have argued that rent control is "the best way to destroy a city, other than bombing." Why would economists say this?
a. They anticipate that low rents will cause low-income people to move into the city, reducing the quality of life for other people. b. They anticipate that rent control will benefit landlords at the expense of tenants, increasing inequality in the city. c. They anticipate that rent controls will cause a construction boom, which will make the city crowded and more polluted. d. They anticipate that rent control will eliminate the incentive to maintain buildings, leading to a deterioration of the city.
A firm in monopolistic competition is
A) efficient because in the long run it earns zero economic profit. B) efficient because it produces at the minimum average total cost. C) inefficient because price exceeds marginal cost. D) efficient because of the ease of entry. E) efficient because it produces where MR = MC.