Answer the following statements true (T) or false (F)
1) As a percentage of GDP, U.S. health care spending is higher than that of any other major
industrial country.
2) The health care industry currently absorbs about 18 percent of U.S. gross domestic product.
3) Health care costs in the United States have risen absolutely but remained constant as a
percentage of gross domestic product.
4) Rising health care costs have prompted workers to change jobs with greater frequency.
1) T
2) T
3) F
4) F
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The stock market boom during the 1990s
A) boosted consumption relative to income. B) depressed the percentage of disposable income saved by households. C) may explain the behavior of household savings during that decade. D) All of the above.
A competitive equilibrium is a state of affairs in which
A) markets clear, and output is maximized. B) output is maximized, and all agents are equally well-off. C) all agents are equally well-off and agents are price-takers. D) economic agents are price takers and markets clear.