From 1960 to 2012, government transfer payments as a percentage of U.S. output have:
A. Decreased as a result of improvements in private pension and health insurance plans
B. Increased slightly at about the same rate as population
C. Tripled as a percentage of output
D. Remained approximately constant
C. Tripled as a percentage of output
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If you were building a macroeconomic model that explores the effect of the aging population on the needed expenditure for Social Security and Medicare, the endogenous variable(s) would be the
A) aging population. B) needed expenditure on Social Security. C) needed expenditure on Medicare. D) needed expenditure on both Social Security and Medicare.
Engel's law states that income elasticities are
a. negative for normal goods b. positive for inferior goods c. higher for food in industrialized nations than in nonindustrialized nations d. less than one for food e. usually about equal to one
In a recessionary period of low economic output, a Neoclassical economist would:
a. propose increases in government spending. b. believe decreases in prices will eventually return the economy to potential output. c. propose increases in the supply of money.
If there is an increase in world taxes ________
A) domestic investment would fall B) net exports would increase C) the domestic interest rate would go down D) all of the above E) none of the above