Which of the following statements about the Social Security, Medicare, and Medicaid programs is true?
A) Some economists have argued for decreasing taxes to help with these programs' funding problems.
B) Spending on these three programs will rise from 9.7% of GDP currently to 10.2% of GDP by 2050.
C) Costs are being driven up by the fact that Americans are living longer and medical costs are rising substantially.
D) Some economists have argued for increasing benefits to help with these programs' funding problems.
C
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The cross-price elasticity of demand between pancakes and waffles is positive. This indicates all of the following except one. Which is the exception?
a. Pancakes and waffles are substitutes. b. An increase in the price of pancakes will shift the demand curve for waffles to the right. c. An increase in the price of waffles will shift the demand curve for pancakes to the right. d. A decrease in the supply of waffles will shift the demand curve for pancakes to the right. e. Pancake demand and waffle demand are price elastic.
Suppose that apples and bananas both cost the same, but the marginal utility of bananas is twice as high as that for apples. The consumer should purchase more bananas and fewer apples in order to maximize utility
a. True b. False Indicate whether the statement is true or false