According to the text, the portion of total U.S. national income spent on health care was about ________ in 2015 as opposed to about ________ in 1965
A) 34 percent; 17 percent
B) 17 percent; 34 percent
C) 6 percent; 17 percent
D) 17 percent; 6 percent
Answer: D
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Based on the figure below. Starting from long-run equilibrium at point C, a decrease in government spending that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at__ creating _____gap.
A. B; no output B. D; an expansionary C. B; recessionary D. D; a recessionary
The crowding out effect of expansionary fiscal policy when the money supply is not increased is confirmed by
A) the Keynesian econometric models only. B) the Monetarist models only. C) both the monetarist and Keynesian econometric models. D) neither the Monetarist nor the Keynesian econometric models.
If the price of chocolate increases by 15 percent and the quantity demanded of chocolate declines by 5 percent, the price elasticity of demand ( ) is -3
a. True b. False Indicate whether the statement is true or false
The price of migraine medicine increased by 6%, causing a 1% increase in quantity supplied. Price elasticity of supply
a. is 6. b. is 167. c. is 1. d. cannot be determined.