Out of All the Nations in the Western Hemisphere, the United

question 42

True/False

Out of all the nations in the Western hemisphere, the United States spends the lowest percentage of its GDP on health care.

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Definitions:

Opportunity Cost

The real cost of an item: what you must give up in order to get it.

Explicit Cost

Direct, out-of-pocket payments for expenses incurred in business operations, such as wages, rent, and materials.

Monetary Cost

The amount of money that must be paid or spent to acquire goods, services, or assets.

Implicit Cost

The opportunity costs that arise from using assets, resources, or funds in specific ways rather than the next best alternative.