According to economic theory what is the optimal percentage of GDP to be spent on medical care?
a. 6 percent.
b. 8 percent.
c. 10 percent.
d. 12 percent.
e. There is no widely-accepted way to determine the optimal percentage.
E
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Use the following graph of the market for milk to answer the question below.
The marginal cost for the 27th million gallon of milk is
A. $1.00. B. $2.00. C. $1.50. D. dependent on the marginal benefit.
With fixed interest rates, unanticipated deflation hurts ________ because ________
A) lenders; they get paid back in less valuable dollars B) lenders; they get paid back in more valuable dollars C) borrowers; they repay the loan in more valuable dollars D) borrowers; they repay the loan in less valuable dollars
In response to the Great Recession of 2007–2009, when did the Federal Reserve first cut the federal funds rate to zero?
A. December 2007 B. June 2008 C. December 2008 D. January 2010
What do critics of social regulation need to remember about government?
What will be an ideal response?