When Dr. Jay Rosenstein treats a rich 75-year-old retired farmer for pneumonia, the money he receives is part of the __________ category(ies) of government spending
a. Medicaid
b. veterans' benefits
c. agriculture
d. health and hospitals
e. income support, Social Security, and welfare
E
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If purchasing power parity exists and the exchange rate is 1.50 U.S. dollars per British pound, than a latte that has a price of $4.00 in San Jose, California, has a price of ________ in London, England
A) 2.67 pounds B) 4.00 pounds C) 8.00 pounds D) 0.37 pounds E) 6.00 pounds
The privately held government debt is that portion of the national debt that
a. must be paid off at some point in the future. b. is owed to domestic and foreign investors. c. cannot be refinanced by issuing new debt. d. is owned by agencies of the federal government.
Microeconomics differs from macroeconomics in that microeconomics focuses on:
A. the performance of the entire economy. B. government policies designed improve the performance of the national economy. C. the choices made by individuals and the implications of those choices. D. issues such as inflation, unemployment and economic growth.
Based on the figure below. Starting from long-run equilibrium at point C, an increase in government spending that increases aggregate demand from AD to AD1 will lead to a short-run equilibrium at point ________ creating _____gap. 
A. D; an expansionary B. B; no output C. B; expansionary D. A; a recessionary