According to this Application, in the year 2075, the portion of GDP devoted to spending on Social Security, Medicare and Medicaid is expected to be
A) significantly less than the share of GDP devoted to these programs today.
B) roughly equal to the total amount of GDP today.
C) greater than the consumption spending component's share of GDP in 2075.
D) larger than total federal spending's share of GDP today.
D
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The process of adjustment to a new long-run equilibrium in a perfectly competitive industry is complete when
A. no firms want to enter or exit the industry. B. every firm has adjusted its production process to make the most efficient use of its resources. C. investors in the industry receive the standard economy-wide rate of return on their investments. D. All of the responses are correct.
Under the Soviet system of communism
A) managerial pay was determined by the extent to which managers could lower the per-unit costs of production. B) the per-worker production function in the Soviet Union shifted up more rapidly than production functions in other countries. C) competitive pressures in the Soviet Union allowed the country's technological progress to keep pace with the rest of the world. D) technological progress was slow because managers had little incentive to develop new technologies.
It is not surprising to see a rather __________ volume of mergers and acquisitions in Japan given its __________-oriented financial system
A) high; banking B) high; markets C) low; banking D) low; markets
Private initiative and financing were most important in
(a) the canal system of transportation. (b) the steamboat system. (c) the railroad system. (d) none of the transportation systems.