Guaranteed benefits under government programs such as Social Security or Medicare are called
A) controllable expenditures. B) entitlements.
C) automatic stabilizers. D) discretionary spending.
B
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Which of the following statements is true?
A) Countries with lower investment in research and development (R&D) are likely to have higher standards of living. B) The Industrial Revolution started in the United States and spread to other parts of the world. C) The Industrial Revolution started in South America and spread to other parts of the world. D) Countries with a higher investment in research and development (R&D) are likely to have higher standards of living.
Private property rights involve
A) exclusive rights to use, transfer, and exchange the property. B) exclusive rights to use property, but not to exchange the property. C) rights to enjoy the property in any way desired but not to transfer or exchange the property. D) rights granted by the government for renewable terms of 100 years or more.