Health care spending accounted for what percentage of U.S. GDP in 1960 and in 2011?
A. 4.0% and 4.4%, respectively
B. 9.2% and 10.1%, respectively
C. 5.2% and 17.9%, respectively
D. 20.4% and 18.6%, respectively
C. 5.2% and 17.9%, respectively
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Suppose the pizza at Pizza House and Little Weezer's are fairly close substitutes. If Pizza House raises their price 20%, and Little Weezer's keeps their price unchanged, which is most likely to occur?
A) The demand for Little Weezer's pizza will increase B) The demand for Pizza House pizza will decrease C) Both A and B D) None of the above
In the IO perspective, it is important to enter an industry with
a. High barriers to entry b. Low buyer power c. Low supplier power d. All of the above
When there are implicit costs of production,
a. accounting and economic profit are equal b. opportunity costs of production are zero c. explicit costs of production are small d. accounting profit will exceed economic profit e. economic profit will exceed accounting profit
Economists calculate profits as total revenue minus: