Medicare subsidizes or provides health care to the poor and medicaid provides health care to the elderly
a. True
b. False
Indicate whether the statement is true or false
False
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Refer to Figure 7.1. Suppose that instead of $350, Angus earns only $250 by playing the bagpipes, but all other earnings remain the same
Also, suppose the city passes an ordinance banning loud music, and this directly impacts Angus's legal ability to play his bagpipes. In this case, the Coase theorem predicts that A) Dudley will pay Angus to not play the bagpipes. B) Angus will pay Dudley so Angus can play the bagpipes. C) Dudley will do nothing and Angus will mop floors. D) no bargain can be reached between Angus and Dudley.
The political business cycle refers to the phenomenon that just before elections, politicians enact ________ policies. After the elections, the bad effects of these policies (for example, ________ ) have to be counteracted with ________ policies
A) expansionary; higher unemployment; contractionary B) expansionary; a higher inflation rate; contractionary C) contractionary; higher unemployment; expansionary D) contractionary; a higher inflation rate; expansionary
Advocates of an active approach think that only when unemployment is high, the natural adjustments of wages and prices can be effective
a. True b. False Indicate whether the statement is true or false
The highest and lowest levels of economic activity during the business cycle are called
a. peaks and troughs. b. expansions and contractions. c. nadirs and zeniths. d. leading and lagging indicators.