Which person would most likely be eligible to receive Medicaid? A person who:
A. Receives Medicare benefits
B. Receives Social Security benefits
C. Works in a government operated hospital
D. Qualifies for the Supplementary Security Income program
D. Qualifies for the Supplementary Security Income program
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A 20 percent increase in the wage rate induces firms in an industry to reduce quantity demanded for labor by 5 percent in the first year. Five years later we would expect, other things constant,
A) the reduction in the quantity demanded of labor to be much greater than 5 percent. B) the reduction in the quantity demanded of labor to be less than 5 percent. C) the reduction in the quantity demanded of labor to be about 5 percent. D) the quantity demanded of labor to be back to its original level.
If a positive inflation shock occurs and monetary policymakers do not change the inflation target:
A. output will eventually rise above potential output while inflation will equal the inflation target. B. output will eventually return to potential output but inflation will exceed the inflation target. C. output will eventually fall below potential output while inflation will equal the inflation target. D. output will eventually return to potential output and inflation will equal the inflation target.
Assume that the supply curve is horizontal because marginal cost is constant at $10. John, Robert, and Jimmy each value one compact disc at $20 but only Jimmy and John value a second compact disc (Jimmy at $5 and John at $15). If a social planner dictates that two compact discs be produced and distributed to John, Robert, and Jimmy, then even if the compact discs are allocated based on demand, this market will lose out on $___ of value.
a. $5. b. $10. c. $15. d. There will be no lost value as five compact discs is the efficient level.
Table 17.1 YearReal GDPPopulation1$575 billion22 million2$580 billion24 million3$605 billion25 million4$606 billion27 millionRefer to Table 17.1. This economy grew
A. Fastest in year 4. B. At the same rate every year. C. Fastest in year 3. D. Fastest in year 2.