Forecasts by the Congressional Budget Office show spending on Social Security, Medicare,
and Medicaid rising from 10.1 percent of GDP in 2015 to ________ percent of GDP in 2090, and by 2090 the federal government will be spending, as a fraction of GDP, ________ on these three programs as it currently spends on all programs combined.
A) 16.2 percent; half as much B) 19.8 percent; half as much
C) 19.8 percent; nearly as much D) 16.2 percent; nearly as much
C
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At the point where a firm incurs diminishing marginal returns, total product will begin to decline
Indicate whether the statement is true or false
Which of the following is an example of a trade restriction?
A) Japan places a tax on all Korean automobiles. B) Domestic wine is more expensive than wine imported from Chile. C) The United States, Canada, and Mexico sign the NAFTA agreement. D) Consumers prefer German beer to domestic beer.