Explain why Social Security and Medicare aren't welfare programs.
What will be an ideal response?
Social Security and Medicare aren't welfare programs because recipients don't have to be poor to receive the benefits; in other words, they are not means-tested.
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Between the base period and the next period, prices stay constant. The GDP price index in the next period
A) cannot be calculated without knowing how much the quantity changed. B) is equal to 1 because there is no change. C) is equal to 50 because there is no change. D) will equal 0 because there is no change. E) is equal to 100 because there is no change.
Describe the argument that education generates a positive externality. Why might this externality not be relevant in terms of economic efficiency?
What will be an ideal response?
Which of the following groups would most likely to benefit from inflation?
A. Borrowers B. Lenders C. Creditors D. Pensioners
The school that places primary emphasis on shifting the aggregate supply curve to achieve greater stabilization and economic growth is
a. classical economics b. neo-Keynesian economics c. supply-side economics d. Keynesian economics e. monetarist economics