In the United States, total health care spending per person has been ________, and out-of-pocket spending on health care per person has been ________
A) rising; rising
B) rising; falling
C) falling; rising
D) falling; falling
Answer: B
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Suppose that there are only three consumers of a product. At a price of $6 per unit, the first consumer would buy 12 units of the product, the second consumer would buy 8 units, and the third consumer would buy 3 units of the product
If you drew a market demand curve for this product, the quantity demanded at a price of $6 would be A) 23 units. B) 20 units. C) 12 units. D) 11 units.
An increase in the price of a loaf of bread will
a. cause the budget constraint to rotate outward b. reduce the minimum number of loaves any individual consumer can purchase c. increase the minimum number of loaves any individual consumer can purchase d. increase the maximum number of loaves any individual consumer can purchase e. reduce the maximum number of loaves any individual consumer can purchase
Explain what is meant by "derived demand" as it relates to factors of production
Which of the following is not correct? Using data from 2014,
a. immigrants (both legal and illegal) make up about 40 percent of the U.S. population. b. immigration lowers the earnings of native-born workers in the United States by about 1 to 3 percent. c. illegal immigrants make up about 5 percent of the U.S. workforce. d. today the largest percentage of immigrants come from Latin America and Asia, whereas in the 1950s and 1960s the largest percentage came from Europe.