There are fewer workers per retiree today contributing to Social Security than there were in the 1960s
Indicate whether the statement is true or false
TRUE
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Engel's law suggests that as income rises, the demand for food
a. rises less than proportionately b. rises more than proportionately c. rises proportionately d. falls e. none of the above
During the Vietnam War, Congress increased government expenditures while raising taxes. As a result we know that:
A. What happened to the AD curve is unclear. B. the AD curve remained unchanged. C. the AD curve shifted to the left. D. the AD curve shifted to the right.
Which of the following would result in lower costs?
A. Lower prices for inputs B. Using fewer inputs per unit of output C. Increasing efficiency D. All of the above
When money is the basic measure of economic value, it serves as:
A. a store of value. B. bank reserves. C. a unit of account. D. a medium of exchange.