Medicare is a health care program
a. for poor and low income people
b. administered through Social Security for retired workers starting at age 55
c. administered through Social Security for everyone over 65 years
d. administered by state governments for people who are not covered by private health insurance
e. administered by the federal government for people who are not covered by private insurance
C
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The above (incomplete) table provides information about the relationships between labor and various product measures. The amount of labor that maximizes the marginal product of labor is
A) 2 units of labor. B) 3 units of labor. C) 4 units of labor. D) 5 units of labor.
If the consumption function is given by C = 100 + 0.75(Y-T), then an increase of 10 units in taxes will cause the IS schedule to shift to the right by
a. -30 units. b. -10 units. c. 30 units. d. 40 units.
If a country's production possibilities curve gets more bowed out over time, it is an indication that
A) technological change has taken place. B) society is learning to use its resources more efficiently. C) the quantity of labor and capital have increased. D) resources have become more highly specialized.
If at full employment the government wants to increase its spending by $100 billion without increasing inflation in the short run, it must do which of the following?
A) Raise taxes by more than $100 billion B) Raise taxes by $100 billion C) Raise taxes by less than $100 billion D) Lower taxes by $100 billion E) Lower taxes by less than $100 billion