An example of a social insurance program offered in the United States is:
A. Police and Firefighters.
B. Social Security.
C. Progressive taxation.
D. All of these are examples of social insurance programs.
B. Social Security.
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All of the following are likely results of a negative demand shock EXCEPT
A) a negative output gap. B) lower inflation. C) IS shifts to the left. D) Phillips curve shifts to the left.
For lunch, Wendy eats either a salad or a fruit smoothie. Her weekly food budget is $48. Each salad costs $6 and each smoothie costs $3. When deciding how much of each good to buy, Wendy knows that 2 salads and 4 smoothies will give her a utility of 8. What is Wendy’s utility-maximizing point?
a. 1 salad, 14 smoothies b. 6 salads, 4 smoothies c. 5 salads, 6 smoothies d. 4 salads, 8 smoothies
The perfect competitor shown in the graph is in the
A. short run making a profit.
B. short run taking a loss.
C. long run making a profit.
D. long run taking a loss.
What is measured on the vertical axis when we draw a graph of long-run aggregate supply?
A. production of capital goods B. spending on goods and services in an economy C. real GDP D. the price level