The government's health plan for the elderly is called
a. Medicaid.
b. Medicare.
c. Social Security.
d. food stamps.
b
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In the presence of a negative externality
a. there is an overallocation of resources to production b. the competitive equilibrium will not achieve an allocatively efficient solution c. MSC exceeds MSB at the competitive output level d. all of the above e. (a) and (b) only
Laissez-faire refers to a situation in which there is ____ with the workings of the market system.
A. zero consumer involvement B. zero government interference C. minimal government interference D. complete government interference
In Hong Kong, the monetary authority can only increase the monetary base if they accumulate more U.S. dollars because:
A. the monetary authority in Hong Kong operates a currency board where its sole objective is to fix the exchange rate between its currency and the U.S. dollar. B. Hong Kong has received substantial funding from the U.S. Treasury and the loans were conditional on maintaining the value of the Hong Kong currency. C. the currency of Hong Kong is the U.S. dollar. D. the IMF required Hong Kong to peg its currency to the U.S. dollar in order to obtain a loan.
If households and firms expect higher rates of inflation, the ________ curve will shift ________.
A. SRAS; upward B. AD; until it becomes vertical C. SRAS; downward D. AD; rightward