What is Supplemental Security Income?
What will be an ideal response?
The Supplemental Security Income program was set up by the Social Security Administration to take care of the elderly who are very poor and have little or no social security entitlement.
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Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
Other things being equal, what is the effect of deficit spending on credit markets?
A) The supply of credit will increase while the demand for credit remains the same. B) The demand for credit increases while the supply of credit remains constant. C) Both the demand for credit and the supply of credit will decrease. D) Both the demand for credit and the supply of credit will increase.
Suppose the daily demand for Coke and Pepsi in a small city are given by QC = 90 - 100PC + 400(PP - PC) and QP = 90 - 100PP + 400(PC - PP), where QC and QP are the number of cans Coke and Pepsi sell, respectively, in thousands per day. PC and PP are the prices of a can of Coke and Pepsi, respectively, measured in dollars. The marginal cost is $0.45 per can for both Coke and Pepsi. What is Coke's inverse demand function?
A. QC = (90 - 400PP) - 500PC B. PC = (0.18 + 0.8PP) - 0.002QC C. QC = (490 - 400PC) D. PC = (400 - 500QC)
According to the Federal Reserve, household wealth in the United States fell by more than $11 trillion in 2008
Predict the effect this decrease in wealth had on the equilibrium real wage and level of employment, and use a graph to support your answer.