The purpose of __________ is to cover everyone over 65 years of age and reduce the financial burden of illness on the elderly
a. Social Security
b. Medicaid
c. Medicare
d. AFDC
e. Americorps
C
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If the base year CPI basket costs $250 and next year the CPI basket costs $275, what is next year's CPI?
What will be an ideal response?
In adaptive expectations, people and firms
a. immediately change their behavior based on past events. b. perfectly change their behavior based on past events. c. gradually change their behavior based on past events, but not perfectly. d. perfectly and gradually change their behavior based on past events.
Under perfect competition, the market price is equal to the _____ of a profit-maximizing firm. a. fixed costs
b. marginal costs. c. sunk costs. d. variable costs.
If an increase in consumer incomes causes the demand curve for product Q to shift to the right, then it can be said that product Q is a(n):
a. Inferior good b. Normal good c. Luxury good d. Inexpensive good