Medicare
A) subsidizes the care of older people, which gives them NO incentive to consume more medical services.
B) subsidizes the care of older people, which gives them an incentive to consume more medical services.
C) subsidizes the care of young people, which gives them an incentive to consume less medical services.
D) subsidizes the care of middle aged people, which gives them an incentive to consume more medical services.
Answer: B
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If government spending is $900 billion while government revenue is $600 billion, the government is said to have a
A) $600 billion budget deficit. B) $1,500 billion budget deficit. C) $300 billion budget deficit. D) $300 billion budget surplus.
The market demand for wheat is ________ and the demand for wheat produced by an individual farm is ________
A) perfectly elastic; perfectly inelastic B) not perfectly elastic; perfectly elastic C) not perfectly inelastic; inelastic D) elastic; unit elastic