Government programs such as Social Security or Medicare are examples of
A. controllable expenditures.
B. automatic stabilizers.
C. entitlements.
D. discretionary spending.
Answer: C
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Which of the following correctly identifies an argument against free trade?
A) Free trade reduces world production. B) Free trade hampers technology transfers. C) Free trade increases the wages in importing countries. D) Free trade may result in job loss in some specific industries in the domestic economy.
In ________, health care spending per person based on income per person is significantly higher than the average for most other countries
A) the United States B) Austria C) Norway D) Canada
When output is 20, fixed costs are $100 and variable costs are $400. When output rises to 21, fixed costs are $100 and variable costs are $450. This implies that the marginal cost of the last unit of output equals:
A. $550. B. $25. C. $50. D. $500.
Refer to the graph. Which one of the following would cause a move from point b on short-run average total cost curve ATC 1 to point e on short-run average cost curve ATC 2?
A. Diminishing marginal returns.
B. An increase in the wage rate.
C. A decrease in the wage rate.
D. Increasing marginal returns.