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Growth in national health spending closely tracked growth in nominal gross domestic product (GDP) in 2010 and 2011, and health.

Growth in national health spending closely tracked growth in nominal gross domestic product (GDP) in 2010 and 2011, and health spending as a share of GDP remained stable from 2009 through 2011, at 17.9 percent (Micah et al., 2011).

Based on the above information, answer the following questions:

Define the economic principle of opportunity cost.


 

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