The Laffer curve represents the relationship between real GDP and various possible tax rates
a. True
b. False
Indicate whether the statement is true or false
False
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When people decorate the exteriors of their homes with colored lights, they create ________ for the motorists who pass by
A) an external benefit B) a competitive good C) a public good D) an excludable good
The supply and demand mechanism will bring an international market into equilibrium a. at a price below the domestic price in an exporting country
b. where domestic supplies are less than domestic demand in an exporting country. c. with an exporting nation's price higher than the importing nation's price. d. when the quantity of exports supplied by the exporters beyond their domestic consumption is equal to the quantity of imports demanded by the importers.
The per capita GDP of a country is calculated by: a. dividing the total population of the country by its GDP
b. dividing the GDP of the country by its total population. c. multiplying the GDP of the country by its total population. d. adding the GDP of the country to its total population.
The strengths of the British National Health Service (NHS) include:
a. the fact that there is a surplus of clinicians, so there is little need for foreign-trained physicians and nurses to practice in Britain. b. the fact that no one has the ability to jump to the top of the slow-moving waiting list for medical treatment. c. the fact that patients have access to all medically necessary care regardless of cost. d. good access to primary and preventive care. e. the fact that there are no differences in access to medical care based on socioeconomic status or geographic location.