Suppose output is $35 billion, government purchases are $10 billion, desired consumption is $15 billion, and desired investment is $6 billion. Absorption is equal to

The supply and demand model is the workhorse of the principles of economics because it:

A. follows directly from the inductive approach to economics. B. is a useful model by which students can be introduced to economic reasoning. C. does not have to have any empirical testing to back up the results of the model. D. is a perfect model and can never be improved upon.

Even in the US, almost _____ percent of medical care is purchased through third party insurance.

a. 65 b. 75 c. 100 d. 50 e. 90