Forecasts by the Congressional Budget Office show spending on Social Security, Medicare,
and Medicaid rising from 10.1 percent of GDP in 2015 to ________ percent of GDP in 2090, and by 2090 the federal government will be spending, as a fraction of GDP, ________ on these three programs as it currently spends on all programs combined.
A) 16.2 percent; half as much B) 19.8 percent; half as much
C) 19.8 percent; nearly as much D) 16.2 percent; nearly as much
C
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Innovation typically increases when
A) high taxes are present. B) the legal system is weak. C) government controls the resource base. D) market incentives and private property rights are encouraged.
If we are trying to determine if two different products are substitutes, complements, or not related at all, we should find the value of the
A) price elasticity of demand for both goods. B) price elasticity of supply for both goods. C) income elasticity of demand for both goods. D) cross elasticity of demand. E) price elasticity of demand and the price elasticity of supply for both goods.
A surplus of peanuts implies
A) more peanuts have been produced than can be used currently. B) peanuts are not currently scarce. C) there is currently no demand for peanuts. D) all of the above. E) none of the above.
Quick Buck and Pushy Sales produce and sell identical products and face zero marginal and average cost. Below is the market demand curve for their product. 
If Quick Buck and Pushy Sales decide to collude and work together as a monopolist with each firm producing half the quantity demanded by the market at the monopoly price, then what will be Quick Buck's economic profit?
A. $4,000 B. $3,000 C. $2,000 D. $1,000