In 2017, health care's share of gross domestic product in the United States
A) had returned to its 1995 level.
B) had declined to only 6.5 percent.
C) was about three times as high as it was in 1965.
D) reached a level of 75 percent.
Answer: C
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If the cross elasticity of demand between two goods is -0.56, then a fall in the price of one good leads to a ________ shift in the ________ of the other good
A) rightward; demand B) rightward; supply C) leftward; demand D) leftward; supply
As Mary's income increases by 20 percent, her demand for tickets to National Hockey League games increases by 10 percent. Mary's demand for tickets is income ________; for Mary, hockey tickets are ________ good
A) elastic; a normal B) inelastic; a normal C) elastic; an inferior D) inelastic; an inferior
China's prosperity brings income gap The Asian Development Bank [ADB] reports that China has the largest gap between the rich and the poor in Asia
Ifzal Ali, the ADB's chief economist, claims it is not that the rich are getting richer and the poor are getting poorer, but that the rich are getting richer faster than the poor. Source: Financial Times, August 9, 2007 Explain how the distribution of personal income in China can be getting more unequal even though the poorest 20 percent are getting richer.
The urban consumers that the CPI is based on includes:
A. institutionalized persons. B. incarcerated persons. C. persons in the military. D. the CPI does not include any of these.