The health care system in ________ is referred to as socialized medicine, under which the government owns most of the hospitals and employs most of the doctors
A) Canada
B) Japan
C) the United Kingdom
D) the United States
Answer: C
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The country of Old Jersey produces milk and butter, and it has published the following macroeconomic data, where quantities are in gallons and prices are dollars per gallon. Between Year 1 and Year 2, nominal GDP grew by
A) 60.0%. B) 65.5%. C) 83.3%. D) 190.0%.
The fact that U.S. national security depends upon what other nations spend on their national security means that
a. the U.S. may end up with less national security even if it devotes more resources to national security b. the U.S. should devote fewer resources to national security c. the U.S. should devote even more resources to national security than it considers desirable d. the U.S. can never be secure e. peace is an impossible dream
Consider an economy made up of 100 people, 60 of whom hold jobs, 10 of whom are looking for work, and 15 of whom are retired. The number of people in the labor force is
a. 30 b. 60 c. 85 d. 90 e. 70
If the marginal utility of a product exceeds its MC, we would want, on efficiency grounds, to
a. increase production. b. decrease production. c. leave production constant. d. One cannot tell without knowing the price.