A health care program administered through Social Security that is applicable to everyone over 65 years old is
a. Medicaid
b. Medicare
c. federal HMO
d. state HMO
e. Medicinsurance
B
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If a product is a normal good, an increase in your income will
A) increase demand for the product. B) decrease demand for the product. C) increase supply of the product. D) decrease supply of the product.
In the 1970s, the largest steelmakers were slow or failed to adopt quickly the latest technology: oxygen furnaces. Some researchers blame
(a) the federal government for its enterprise-crippling policies, subsidies and import restrictions. (b) unions for their low productivity efforts and high wage demands. (c) management for not keeping abreast of global changes in the marketplace. (d) all of the above.
Assume Bryce's budget constraint is represented by line C in the graph shown. Which of the following would cause Bryce's budget constraint to shift to A?
A. Bryce's income increased.
B. Bryce's income decreased.
C. Bryce's preferences for books and movies decreased.
D. Bryce's preferences for books and movies increased.
Trading in a barter economy requires
a. money. b. a double coincidence of wants. c. equal sharing of assets. d. all people to be farmers.