The "Great Society" initiative led to the creation of
a. Medicare.
b. Rent subsidies for the poor.
c. the Department of Transportation.
d. the Department of Housing and Urban Development.
e. All of the above.
e. All of the above.
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Explain how an import quota might be more inefficient than an import tariff that has the same impact on prices.
What will be an ideal response?
Holding everything else constant, an increase in the price of MP3 players will result in
A) a decrease in the demand for MP3 players. B) a decrease in the quantity of MP3 players supplied. C) an increase in the supply of MP3 players. D) a decrease in the quantity of MP3 players demanded.
Suppose a perfectly competitive firm can produce 20,000 bushels of corn a year at an output at which marginal cost equals marginal revenue. The market price of corn per bushel is $1.00
The firm's total costs per year are $50,000 and fixed costs per year are $25,000. In the short run, this firm should A) shut down. B) continue producing until the price of corn increases. C) produce 20,000 bushels of corn because, although they are losing money, they are losing less than if they shut down. D) produce 40,000 bushels to try to increase economic profit.
In Keynes's view, an excess quantity of money supplied causes people to:
a. sell bonds and the interest rate rises. b. buy bonds and the interest rate falls. c. buy bonds and the interest rate rises. d. increase speculative balances.