Spending on Social Security and Medicare as a part of the federal budget has grown to what percent by 2013?
a. 15 percent
b. 25 percent
c. 35 percent
d. 45 percent
c
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What is allocative efficiency and how does it relate to the production possibilities frontier?
What will be an ideal response?
Evaluate the following statement, "Warren Buffet is the second richest person in the world. He doesn't face any constraint on his ability to purchase commodities he wants."
A corollary to the Rybczynski theorem is that in the long run, prices of factors will not be affected. This is known as:
a. the Friedman corollary. b. the MarshallLerner condition. c. the factor price insensitivity result. d. the StolperSamuelson prediction.
A year-long drought that destroys most wheat crops for the season would shift the:
A. short-run aggregate supply curve only. B. aggregate demand curve only. C. aggregate demand curve, and the short-run aggregate supply curve would shift in response. D. short-run aggregate supply curve and the long-run aggregate supply curve.