Social Security and Medicare are examples of
A. governmental interventions.
B. capitalism.
C. free market functions.
D. market failures.
Answer: A
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Refer to the above figure. The equilibrium level of real GDP occurs
A. to the right of point A. B. at point A. C. to the left of point A. D. at the undetermined point on the graph depending upon the level of investment.
Which of the following statement is true?
a. The demand for Cheerios is less elastic than the demand for cereal b. The demand for gas is more elastic in the short-run than in the long-r c. The demand for puma shoes is more elastic than the demand for shoes d. Products with many complements have a more elastic demand
Which of the following would increase the demand for labor? (i) a decrease in the output price (ii) an increase in the output price (iii) a labor-saving technological advance (iv) a labor-augmenting technological advance
a. (i) only b. (i) and (iii) only c. (ii) only d. (ii) and (iv) only
Logan finds $10 in his jacket pocket and deposits it into a bank. As a result of this single transaction, M1 has:
A. increased by $10. B. increased by more than $10. C. increased by less than $10. D. not changed.