How do Canada and the United Kingdom deliver healthcare and what is the problem left unresolved?
What will be an ideal response?
Canada and the United Kingdom provide healthcare using a universal coverage, single payer system. Everyone is covered by health insurance and the government pays for all healthcare services. The government's public choice determines the quantity of healthcare services provided. Consumers pay little or nothing for any healthcare service. Consequently the quantity of healthcare services demanded exceeds the quantity provided by the government which creates a problem: There often is a long waiting period until a patient receives services.
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Economists calculate GDP two different ways. They add up the total value of all final goods and services produced in the economy in a given year and add up the total value of the resources used in making these goods and services. Identify these two approaches. a. The former calculation is called the circular flow approach to GDP; the latter is called the income approach to GDP
b. The former calculation is called the expenditure approach to GDP; the latter is called the income approach to GDP. c. The former calculation is called the income approach to GDP; the latter is called the expenditure approach to GDP. d. The former calculation is called the real GDP approach; the latter is called the nominal GDP approach. e. The former calculation is called the nominal GDP approach; the latter is called the real GDP approach.
A firm is generally more interested in marginal profits than in total profits
a. True b. False Indicate whether the statement is true or false