Between 1960 and 1995, Social Security benefits:
A. increased, which increased the poverty rate among the elderly.
B. decreased, helping reduce the poverty rate among the elderly.
C. decreased, which increased the poverty rate among the elderly.
D. increased, helping reduce the poverty rate among the elderly.
Answer: D
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A 10 percent increase in price leads to a 20 percent decrease in the quantity demanded. The price elasticity of demand is equal to
A) 0.5. B) 1.0. C) 2.0. D) 20.0. E) 10.0.
A new U.S. import quota on imported steel would be likely to: a. reduce the cost of production to steel-using American firms. b. generate tax revenue to the government
c. increase U.S. production of steel. d. increase the production of steel-using American firms.
Setting specific goals for reducing sulfur dioxide (SO2) and nitrogen oxides (NOX) to combat acid rain was the objective of the international agreement
a. between the United States and Canada b. between the United States and Mexico c. among all nations in the European Union d. among the United States, Canada, and Mexico
In the above figure, when the economy is in a long-run equilibrium, real GDP will be
A) $15.5 trillion. B) $16.0 trillion. C) $17.5 trillion. D) $17.0 trillion.