During the last three decades, the real (adjusted for inflation) expenditures
a. on Medicare have grown rapidly, but the real expenditures on Medicaid have been virtually constant.
b. on the Medicare program have been virtually constant but the real expenditures on Medicaid have increased substantially.
c. on both Medicare and Medicaid have increased substantially.
d. on both Medicare and Medicaid have been virtually constant.
C
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During the 2011 to 2012 period, the wage premium of union workers, when compared to similar nonunion workers, was approximately
a. 9 percent. b. 20 percent. c. 28 percent. d. 33 percent.
According to the Law of Diminishing Marginal Utility:
a) Utility is at a maximum with the first unit. b) Increasing units of consumption increase the marginal utility. c) Marginal product will fall as more units are consumed. d) Total utility will increase at a decreasing rate as more units are consumed.
Refer to the given figure.
If the Federal Reserve wants to raise the interest rate to 7 percent, it must ________ the money supply to ________.
A. increase; 300 B. increase; 900 C. increase; 700 D. decrease; 300
Which is NOT a potential cost faced by nations that choose against repaying their debts?
A. A loss of foreign assets B. Domestic recession C. Moral hazard D. A loss of future creditworthiness