Jim saw a decrease in the quantity demanded for his firm's product from 8000 to 6000 units a week when he raised the price of the product from $200 to $250 . Based on this information, the price elasticity of demand for Jim's product is

According to the classical model, real wages should

A) remain constant. B) fall during recessions. C) rise during recessions. D) stay the same during recessions but rise during expansions.

Roughly how much of health care spending in the U.S. is financed by private and public insurance?

A. 20 percent B. 40 percent C. 60 percent D. 80 percent