Which of the following statements about the Social Security, Medicare, and Medicaid programs is true?
A) Some economists have argued for decreasing taxes to help with these programs' funding problems.
B) Spending on these three programs will rise from 9.7% of GDP currently to 10.2% of GDP by 2050.
C) Costs are being driven up by the fact that Americans are living longer and medical costs are rising substantially.
D) Some economists have argued for increasing benefits to help with these programs' funding problems.
C
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Suppose the desired reserve ratio is 10 percent. If the Commerce Bank has total deposits of $20,000, total assets of $10,000, and actual reserves of $8000, the amount of excess reserves is
A) $100. B) $6,000. C) $2,000. D) $0. E) $800.
Refer to Table 2-10. What is Fred's opportunity cost of making a pogo stick?
A) 6/7 of a pogo stick B) 1/2 of a unicycle C) 1/3 of a unicycle D) 3 unicycles
According to the concept of framing, when a customer calls a hotel regarding a reservation the hotel reservationists generally state room rates as the _____
a. lowest they charge during peak demand periods b. average they charge during peak demand periods c. highest they charge during peak demand periods and then discount those rates d. lowest they charge during off-peak demand periods e. highest they charge during off-peak demand periods and then discount those rates
Which of the following countries has consistently run trade deficits in recent years?
a. Germany b. France c. United States d. Japan