Which of the following is a true statement about long-term care?
a. Over 20 percent of the elderly population currently live in nursing homes.
b. There would be fewer residents of nursing homes if more people had long-term care insurance.
c. Nursing homes are largely populated by elderly men.
d. Almost one-half of all nursing home residents are over age 85.
e. The cost of long-term care is funded primarily by private insurance.
d. Almost one-half of all nursing home residents are over age 85.
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A commercial bank has no excess reserves until a depositor places $5,000 in cash at the bank. The commercial bank then lends $4,000 to a borrower. As a consequence of these transactions, the size of the money supply has
A. increased by $5,000. B. increased by $4,000. C. not been affected. D. decreased by $5,000.
One tenet of classical economics is that
A) the role of the government should be limited, since the market will always be self-correcting. B) the government should set a minimum wage slightly above the natural market equilibrium rate. C) the government should intervene whenever necessary to avoid any unemployment. D) wages and prices are "sticky downward."
Assuming all else equal, if the price of each unit of capital rises, ________
A) a firm moves to a higher point along its labor demand curve B) a firm moves to a lower point along its labor demand curve C) a firm's labor demand curve shifts to the left D) a firm's labor demand curve shifts to the right
In the figure above, the tariff ________ U.S. imports of shirts by ________ million shirts per year
A) decreases; 16 B) decreases; 8 C) increases; 8 D) increases; 4