What phrase best describes medical care spending in the United States in 1998?
a. Total spending of more than $2 trillion represents 17 percent of GDP and approximately $8,000 per capita.
b. Total spending of more than $1 trillion represents 14.8 percent of GDP and almost $6,000 per capita.
c. Total spending of less than $1 trillion represents less than 13 percent of GDP and almost $3,000 per capita.
d. Total spending is rising at double-digit rates and spending is soaring to over $5,000 per capita.
e. Total spending is under control and represents a shrinking percentage of GDP.
A
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Total surplus
A) is maximized under perfect competition. B) represents the gains from trade to market participants. C) treats consumer and producer surplus equally. D) All of the above.
Suppose that the adult population in some country is 225 million. If 40 million are unemployed and 100 million are employed, then the unemployment rate is approximately
a. 29%. b. 18%. c. 24%. d. 6%.