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Oawww.chegg.com/homework-help/questions-and-answers/1-proportion-gdp-spen Chegg will be down for maintenance from 1-2 AM PST on May 22 We're always working EXPERT O&A; ? Chegg,Study TEXTBOOK SOLUTIONS home / study / business / economics / economics questions and answers/1. what proportion on the gop is spent on Question: 1. What proportion on the GDP is spent on health 1. What proportion on the GDP is spent on health care? A,02 B. 0.75 ?. 018 D.0.30 2. Which of the following options is incorrect about US hoalth caro? A. Health care spending as a share of GDP has been steady from 2008 to 2012 B. The projected health care spending as a share of GDP in 2020 is lower than tho current share. C. Incroase in life expectancy is one of the reasons of increase in hoailth care costs D. US is catogorized as a country with high hoalth care costs 3. For every 10 percent increase in price of health care services, demand falls by 3 percent How much is the own prico elasticity of demand for health care? A. 0.3 8. 3.33 C.-3.33 D.-0.3 4 What is a Cadillac plan? A Health insurance plan for Cadilac compeny (car manufacturer) B.A very gonerous C There is no such plan DA very generous health plan for Cadilac owners health insurance plan O Type here to searchExplanation / Answer
Q1) what proportion of GDP is spent on health care in USA?
Answer: (0.18)
0.18 ×100% = 18%, this is the estimated GDP percentage for health care in USA for 2018.
Q2) which of the following is incorrect?
Answer: (A. Healthcare spending as a GDP has been steady from 2008-2012)
Due to recession in 2007, the healthcare spending in USA decelerated rapidely from 2008-2013.
Q3) Answer: ( D. -0.3)
Price elasticity of demand= % change in quantity demand (divided by) % change in price
The relationship is inverse therfore the results will always be negative.
Q4) Answer: (B. A generous employer sponsored health insurance plan).
Cardillac plan is a term used for the expensive plan that is usually sponsored by employees or economists.
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