A shift of the demand curve to the left represents
A. an increase in demand.
B. an increase in quantity demanded.
C. a decrease in quantity demanded.
D. a decrease in demand.
Answer: D
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If the national output cannot be increased unless the productive capacity or potential GDP increases, the aggregate supply curve is:
a. downward-sloping. b. U-shaped. c. vertical. d. upward-sloping. e. horizontal.
Under the gold standard, a nation’s domestic economic policy
a. was subordinate to balance-of-payments adjustments. b. controlled balance-of-payments adjustments. c. was unrelated to balance-of-payments adjustments. d. was controlled by the World Bank.
The term factor of production refers to
A. Labor only. B. Factories and machinery only. C. Only those goods that are produced and then used to produce other goods and services. D. Any resource input used to produce goods and services.
Which of the following is a major reason why the Medicare program is in such financial trouble?
A) Workers are not paying enough into the program. B) The government set reimbursement rates too high. C) Because medical services are subsidized by the government, both consumption by the elderly and the cost of services have increased. D) There is a shortage of medical school applicants.