In the United States, spending on Social Security, Medicare, and Medicaid was approximately ________ of GDP in 1962, and is expected to be approximately ________ of GDP in 2050
A) 12%; 50%
B) 3%; 20%
C) 40%; 5%
D) 25%; 65%
B
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Assuming all else equal, if the marginal product of labor rises, ________
A) there is a rightward movement along the labor demand curve B) the labor demand curve shifts to the right C) there is a leftward movement along the labor demand curve. D) the labor demand curve shifts to the left
Which of the following would most likely cause a nation's currency to depreciate?
What will be an ideal response?
The Moonbeam Corporation produces most of the total output in its industry. The firm unilaterally lowers its price to less than average variable cost until a competitor leaves the market. This example highlights ______.
a. collusive oligopoly b. perfect competition c. predatory pricing d. price discrimination
Libor is best defined as the ________.
A) interest rate of the National Bank of London B) short-term interest rate for dollars held in the Eurodollar market C) interest rate of the European Union D) deposit rate that applies to commercial loans in the European Union