Why have health care costs risen so much in recent years?
What will be an ideal response?
The elderly use a disproportionate amount of health care, and the population is getting older, so there is a rising demand for health care. Furthermore, new technologies have contributed to higher prices. Third-party financing for health care also encourages people to demand more services than they would otherwise, causing higher prices.
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Common resources are overused because:
a) the marginal private benefit will always exceed the marginal social cost b) the marginal social benefit is not taken into consideration by producers c) social costs are controlled by quotas d) the social costs outweigh the private costs
Considering the data in the table shown above and 2010 as the base year, what is the inflation rate between years 2010 and 2015?
A) 0.0 percent B) 41.7 percent C) 17.1 percent D) 3.4 percent