According to this Application, current spending on federal retirement and health programs accounts for 10 percent of GDP. Experts estimate that this spending component's share of GDP ________ by the year 2075
A) will more than double B) will remain constant
C) will grow moderately initially then taper off D) is likely to shrink
A
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Inventories refer to
A) goods that have been planned but not yet produced. B) goods that have been produced and sold in the same year. C) goods which have been presold before they are produced. D) goods that have been produced but not yet sold.
The macroeconomy is said to be in long-run equilibrium only if
a. the resource, loanable funds, foreign exchange, and goods and services markets are all in equilibrium. b. prices were incorrectly estimated by decision makers. c. the output of the economy exceeds the full-employment level of output. d. the economy is operating along its short-run aggregate supply curve.
Price levels rarely remain the same. This implies that money is
A. an excellent medium of exchange. B. divisible. C. a good medium for measuring value. D. an imperfect medium for storing value.
One way to view the cost structure of monopolistic competition is to say that the cost of product differentiation is equal to
A) the difference between marginal revenue and marginal cost. B) the difference between the cost of production for a monopolistically competitive firm in an open market and the minimum average total cost. C) the sum of price and marginal cost. D) the sum of marginal cost and minimum average cost.