By the year 2017, health care spending on Medicare, Medicaid, and other U.S. government programs as a percentage of GDP had reached a level of
A) 2.2 percent.
B) 7 percent.
C) 17.5 percent.
D) 21.5 percent.
Answer: B
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Is every product produced in the United States included in U.S. gross domestic product?
What will be an ideal response?
Consider three ways of allocating two goods in a two-person exchange economy. I. Both individuals take prices as given and equilibrium prices are established by an impartial auctioneer. II. One individual can act as a perfect price discriminator and force the other individual to pay a different price for each unit of a good that is traded. III. One individual is a monopolist and can charge the
other individual a single, utility-maximizing price. Which of these situations is efficient? a. None of them. b. Only I. c. I and II, but not III. d. I and III, but not II.
An increase in the number of firms in a perfectly competitive market causes:
A. a movement along the market supply curve. B. an increase in the market supply curve. C. a decrease in the market supply curve. D. an increase in each firm's supply curve.
China has a trade deficit in services, while India has a trade surplus in services
Indicate whether the statement is true or false