The Price at Which a Good or Service Is Traded

question 61

Multiple Choice

The price at which a good or service is traded on international markets is called the _________ price.

• A) supply
• B) demand
• C) relative
• D) world
• E) production

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Definitions:

DRG System

A system used in healthcare to classify hospital cases into groups according to diagnosis, treatment, and length of stay, for the purpose of payment and data analysis.

Labor Costs

The total sum of all wages paid to employees, as well as the costs of employee benefits and payroll taxes incurred by an employer.

Nonlabor Costs

Expenses related to the operations of a business or project that do not include direct costs of labor, such as materials or overhead.

Complication

An unexpected illness or other condition that develops as a result of a procedure, service, or treatment provided during the patient’s hospital stay.