During the last four decades,
a. the total expenditures of Americans on health care have been relatively constant.
b. the share of health-care expenditures covered by a third party (either the government or an insurance company) has increased substantially.
c. the prices of health-care services have risen but not as rapidly as the general level of prices.
d. health-care providers have lowered prices in response to the rapid increase in medical technology.
B
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Refer to Table 2.3. Nominal GDP in 2007 is
A) $320.63. B) $490.00. C) $568.00. D) $1282.50.
What would happen to the equilibrium price and quantity of lattés if coffee shops began using a machine that reduced the amount of labor necessary to produce them?
a. Both the equilibrium price and quantity would increase. b. Both the equilibrium price and quantity would decrease. c. The equilibrium price would increase, and the equilibrium quantity would decrease. d. The equilibrium price would decrease, and the equilibrium quantity would increase.