Medicaid is
a. the government's health plan for the elderly.
b. the government's health plan for the poor.
c. another name for Social Security.
d. Both a and c are correct.
b
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The acquisition of a domestic financial asset by a foreign resident is called
A) foreign direct investment. B) foreign capital investment. C) a portfolio inflow. D) a portfolio outflow.
A single commercial bank must meet a 25% reserve requirement. If it initially has no excess reserves and then $2,000 in cash is deposited in the bank, it can increase its loans by a maximum of
A. $1,500. B. $1,750. C. $1,250. D. $2,000.
Any point inside the production possibilities curve indicates:
A. the presence of technological change. B. that resources are imperfectly substitutable among alternative uses. C. the presence of inflationary pressures. D. that more output could be produced with the available resources.
Demand tends to be more elastic when:
A. the quantity demanded is larger. B. demand is perfectly inelastic. C. price is low and more inelastic when price is high. D. price is high and more inelastic when price is low.