Answer the following questions true (T) or false (F)
1. Health care spending per person is lower in the United States than in most other high-income countries.
2. In the United States, health care spending as a percentage of GDP has declined since 1965.
3. As a percentage of GDP, health care spending on Medicare and Medicaid is expected to double over the next 40 years unless health care costs begin to grow at a slower rate.
1. FALSE
2. FALSE
3. TRUE
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A decline in U.S. interest rates causes the U.S. dollar to depreciate, making U.S. exports more attractive and imports less attractive. As a result, exports increase, imports decrease, and net exports increase, resulting in an increase in aggregate quantity demanded. This is an example of the _____
a. interest rate effect b. exchange rate effect c. wealth effect d. accelerator effect
All of the following affect the demand elasticity for labor EXCEPT
A) final product income elasticity. B) ease of substitution of labor for other inputs. C) final product price elasticity. D) labor costs as a portion of total cost.
"A positive economic statement is always true and a normative economic statement is always false." Do you agree or disagree with this statement? Explain
What will be an ideal response?
A good that entails relatively high fixed costs associated with the use of knowledge and other information-intensive inputs as key factors of production is
A. an information product. B. a search good. C. a logo good. D. a persuasive good.