Answer the following questions true (T) or false (F)
1. Those who favor changes in the market for health care that would make it more like the markets for other goods and services favor what are generally known as market-based reforms.
2. In most circumstances, employees pay taxes on the value of health insurance their employers provide them.
3. If consumers paid the full price of medical services instead of using health insurance and third-party payers to cover part of the cost, the quantity of medical services provided would decrease.
1. TRUE
2. FALSE
3. TRUE
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What type of spending is the largest component of the GDP?
A) investment B) net exports C) government purchases D) consumption expenditures
As the percentage of the consumer's income accounted for by a particular good decreases, demand for the good will:
A) tend to become more price elastic. B) tend to become more price inelastic. C) tend to become closer to unit elastic. D) tend toward being perfectly elastic.