Answer the following questions true (T) or false (F)
1. On average, people in the United States spend a smaller percentage of their income on health care than do people in most other countries.
2. The United Kingdom has a health care system under which the government owns most of the hospitals and employs most of the doctors.
3. Japan has a single-payer health care system in which the government provides national health insurance to all Japanese residents.
1. FALSE
2. TRUE
3. FALSE
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When OPEC nearly tripled the price of oil in late 1973,
A) the U.S. price level fell because production became too expensive. B) U.S. real GDP increased as profits by oil producers increased. C) U.S. real GDP did not change although the price level rose. D) both U.S. real GDP and the price level increased. E) the U.S. price level rose and real GDP decreased.
Suppose the number of people employed is 25 million and the number of people in the labor force is 75 million. What is the employment-to-population ratio?
A) 33 percent B) 25 percent C) 75 percent D) There is not enough information given to answer the question.
If the price of a hot dog is $2 and the price of a hamburger is $4, then the
A) relative price of a hot dog is 1/2 of a hamburger per hot dog. B) money price of a hot dog is 2 hamburgers per hot dog. C) relative price of a hamburger is 1/2 of a hot dog per hamburger. D) money price of a hamburger is 2 hot dogs per hamburger.
Suppose a bank has $100 million in checking account deposits with no excess reserves and the required reserve ratio is 20 percent
If the Federal Reserve reduces the required reserve ratio to 15 percent, then the bank will now have excess reserves of A) $0. B) $5 million. C) $15 million. D) $20 million.