Spending on programs that ________, such as Social Security and Medicare, is classified as entitlement and mandatory spending
A) is authorized only in times of budget deficits B) is authorized only in times of budget surpluses
C) is authorized by Congress on an annual basis D) has been authorized by prior law
D
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In the above figure, the long-run average cost curve exhibits economies of scale
A) between 5 and 10 units per hour. B) between 10 and 20 units per hour. C) between 20 and 25 units per hour. D) along the entire curve.
The most significant cost to a central bank of reducing unemployment is the costs
a. incurred by printing and distributing new money. b. of lower output. c. of higher real wages. d. of inflation.
A demand curve illustrates ________.
A) the effects of price on quantity demanded B) that as price increases, demand stays the same C) the effects of supply on quantity demanded D) that as demand decreases, the price increases E) the effects on population changes on demand
Which of the following would be subtracted from the GDP to determine the GNP?
a. the profits a Chinese company earns in China b. the profits a U.S. company earns in the United States c. the profits a U.S. company earns in China d. the profits a Chinese company earns in the United States