In Recent Years,which of the Following Groups Paid the Largest

question 62

Multiple Choice

In recent years,which of the following groups paid the largest percentage of national health care expenditures?

• A)Households (consumers)
• B)Private businesses (employers)
• C)State and local governments
• D)Federal government

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Definitions:

Equilibrium Wage Rate

The wage rate at which the quantity of labor supplied is equal to the quantity of labor demanded in the market.

Minimum Wage Rate

The lowest legally allowed hourly payment for workers, established to ensure a minimum standard of living for employees.

Economic Rent

Income earned from the use of a resource that is in fixed supply; a payment to a factor of production in excess of the cost needed to bring that factor into production.

Nominal

Referring to a value expressed in current prices, without adjustment for inflation, as opposed to real values which are adjusted for inflation.