Which of the following items is funded by both the federal and state governments?
a. Medicare
b. Medicaid
c. Social Security
d. Supplemental Security Income
b. Medicaid
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Describe how UPS has used positive technological change to improve its package handling and delivery schedule
What will be an ideal response?
On average, over the last 50 years or so world trade has
a) increased faster than world output b) been primarily concentrated in agriculture c) been dominated by Middle East oil exports d) declined as nations closed their borders to imports e) been conducted almost exclusively over the internet
Answer the following statements true (T) or false (F)
1) Economists believe that expectations have little impact on macroeconomic outcomes. 2) Shocks occur when actual events do not match expectations. 3) A demand shock occurs when large numbers of consumers unexpectedly reduce their purchases of goods and services. 4) At the end of the summer driving season, the demand for gasoline typically declines. This is an example of a negative demand shock.
For a given set of prices, two consumers choose bundles that are off the contract curve. In a competitive market,
A) prices will adjust until the consumers choose bundles that are on the contract curve. B) the indifference curves will shift back to the contract curve. C) the contract curve will shift to connect these bundles. D) no adjustments need to be made.