Answer the following questions true (T) or false (F)
1. Since 1960, out-of-pocket spending on health care has increased sharply as a fraction of all health care spending.
2. By 2017, spending on federal health care programs such as Medicare and Medicaid had grown to 7 percent of GDP.
3. The rising cost of uninsured patients receiving treatment at hospital emergency rooms is one of the leading causes of the increase in health care spending as a percentage of GDP in the United States.
1. FALSE
2. TRUE
3. FALSE
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Macroeconomics is the study of
a. the behavior of large firms in the marketplace b. the economic behavior of individual decision makers c. the behavior of the economy as a whole d. how to use the fewest natural resources to produce goods and services e. government's role as a stabilizing influence on the economy
If the production of a product or service involves external benefits, then the government can improve efficiency in the market by:
A. Providing a subsidy to correct for an overallocation of resources B. Providing a subsidy to correct for an underallocation of resources C. Imposing a corrective tax to correct for an overallocation of resources D. Imposing a corrective tax to correct for an underallocation of resources