Compared to other nations, the United States spends the largest proportion on health care and consequently ranks above other industrialized nations in life expectancy and infant mortality.
Indicate whether the statement is true or false
Answer: False
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Members of the Federal Reserve Board of Governors are
A. appointed by Congress to staggered 14-year terms. B. selected by each of the Federal Reserve banks for 4-year terms. C. selected by the Federal Open Market Committee for 4-year terms. D. appointed by the president to staggered 14-year terms.
In the Keynesian model, an increase in government purchases affects output by
A) increasing labor supply, because workers feel effectively poorer. B) increasing saving to pay for future taxes, lowering the real interest rate and shifting the IS curve to the left. C) increasing the real interest rate due to crowding out, reducing aggregate demand. D) increasing aggregate demand as national saving declines.
The minimum wage is more often binding for teenagers than for other members of the labor force
a. True b. False Indicate whether the statement is true or false
When total revenue is less than variable costs, a firm in a competitive market will
a. continue to operate as long as average revenue exceeds marginal cost. b. continue to operate as long as average revenue exceeds average fixed cost. c. shut down. d. raise its price.