Which is the most accurate statement?
A. The poverty of older Americans is much greater than the problem of child poverty.
B. Public assistance has been considered a great success.
C. Medicare and Medicaid date back to the New Deal of the 1930s.
D. Less than half of those eligible receive food stamps.
D. Less than half of those eligible receive food stamps.
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Along the short-run Phillips curve SRPC0 the natural unemployment rate is
A) 7 percent. B) 3 percent. C) 6 percent. D) an amount that can be determined from the figure, but none of the above answers is correct. E) an amount that cannot be determined from the figure. The figure above shows some Phillips curves for an economy.
Refer to Figure 2-12. What is the opportunity cost of producing one gallon of milk in Bora Bora?
A) 1.5 gallons of honey B) 0.8 gallons of honey C) 1.125 gallons of honey D) 2/3 of a gallon of honey
In order for the price system to have satisfied the exacting requirements for efficiency,
a. MU must equal MC for each and every commodity. b. the average cost of producing each good must be equal to its MU. c. the maximum possible of total economic profit must be produced. d. every consumer's MU will be equal to marginal physical product
Foreign exchange reserves are
A. Used by the Federal Reserve in open market operations. B. Holdings of foreign exchange by official government agencies. C. Held illegally by many countries. D. Holdings of foreign exchange by individual citizens.