As of 2014, the Social Security program (excluding Medicare) constitutes what percentage of U.S. GDP?
A. 8.5 percent.
B. 12.2 percent.
C. less than one-half of 1 percent.
D. 11.4 percent.
Answer: A
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Suppose the government increases government spending and increases taxes by the same amount to pay for it. We would predict ________.
A. real GDP will increase B. the effect on real GDP depends on the size of the MPC C. real GDP will fall D. real GDP will not change
The specific oligopolistic model used in a market
A) depends on the pricing structure of the good or service sold. B) depends on the characteristics of the market, such as time horizon for competition. C) is usually a Cournot model, unless cartels are illegal. D) All of the above.
If a price ceiling is not binding, then a. there will be a surplus in the market
b. there will be a shortage in the market. c. the market will be less efficient than it would be without the price ceiling. d. there will be no effect on the market price or quantity sold.
The Keynesian zone of the SRAS curve is on the far:
a. right, which is relatively flat. b. left, which is relatively steep. c. left, which is relatively flat. d. right, which is relatively steep.