The Medicare Trustees created a report with predictions about the future based on
A. varied assumptions from optimistic to pessimistic.
B. only realistic assumptions.
C. only optimistic assumptions.
D. only pessimistic assumptions.
Answer: A
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A price ceiling established below the market clearing price will usually cause
A) nonprice rationing. B) an excess supply. C) no change in the market clearing price. D) a decrease in the market clearing price.
Total revenue is the same for every price-quantity combination along a unit elastic demand curve
a. True b. False
A government program that reduces land under cultivation can help farmers by raising prices but hurts consumers
a. True b. False Indicate whether the statement is true or false
Suppose the economy is self-regulating, the price level is 150, the quantity demanded of Real GDP and the quantity supplied of Real GDP in the short run both equal $4.3 trillion, and the quantity supplied of Real GDP in the long run is $4.1 trillion. Given all of this information, we can conclude that the economy ____________ in short run equilibrium, and that the price level in long run
equilibrium will be _____________ than 150. A) is not; less B) is; more C) is; less D) is not; more