________ is available only to low-income families with children.
A. Medicaid
B. The Earned Income Tax Credit
C. Medicare
D. The SNAP program
Answer: B
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The self-correcting tendency of the economy means that rising inflation eventually eliminates:
A. unemployment. B. exogenous spending. C. recessionary gaps. D. expansionary gaps.
In classical growth theory, if real GDP per person is above the subsistence level,
A) population grows and lowers real GDP per person to its subsistence level. B) the pursuit of profit will cause economic growth to accelerate. C) technological growth occurs and keeps real GDP per person above its subsistence level. D) the economy will keep growing without limit. E) None of the above is correct because the classical growth theory asserts that real GDP per person can never exceed the subsistence level.
At full employment, the expected inflation rate is
A) higher than the inflation rate. B) unrelated to the inflation rate. C) equal to the inflation rate. D) lower than the inflation rate. E) unknown.
The area below the demand curve and above the price line measures
A) consumer surplus. B) economic profit. C) elasticity of demand. D) the total value obtained from consuming the good or service.