The most significant expansion of Medicaid since its inception occurred in 1997 and is referred to as
a. SCHIP.
b. SHIP.
c. TANF.
d. AFDC.
A
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Which of the following is the least likely take place if the Fed responds to a negative demand shock by reducing the real interest rate?
A) IS shifts to the right B) output gap returns to zero C) inflation returns to its previous rate D) MP shifts down
Which of the following explains why the monetary policy implementation lag is relatively short?
I. The FOMC meets several times a year and policymakers are easily able to confer in between meetings. II. Open market operations, one of the Fed's policy instruments can be put into effect immediately. III. The Chairman of the Fed works in close collaboration with the President. IV. Most financial institutions are member banks and will not hesitate to put into effect any new monetary policy. A) I B) I and II C) I, II, and III D) I, II, III, and IV
When many substitutes exist for a good, demand will be
A) elastic. B) unit-elastic. C) inelastic. D) perfectly unit-elastic.
We generally expect the price elasticity of supply to be
A. positive or negative, depending on demand. B. negative. C. positive. D. zero.