What has happened to health care's share of gross domestic product in the United States since 1965? How does this compare to what has happened to out-of-pocket spending on health care as a percentage of all spending on health care?
What will be an ideal response?
Health care's share of gross domestic product in the United States has increased from less than 6 percent in 1965 to nearly 18 percent in 2015, and is projected to continue rising in future years. Out-of-pocket spending on health care as a percentage of all spending on health care has steadily declined, falling from 48 percent in 1960 to 12 percent today.
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Nominal GDP is output measured in ________ prices while real GDP is output measured in ________ prices
A) current; current B) current; fixed C) fixed; fixed D) fixed; current
In the 2007–2009 period, the expenditure level in the United States intersected the 45° line below potential GDP, causing
A. hyperinflation. B. a growing trade deficit. C. a government budget surplus. D. unemployment.