The purpose of __________ is to cover everyone over 65 years of age and reduce the financial burden of illness on the elderly

The output produced by domestically owned firms in foreign countries is included in the U.S. GDP but not in the U.S. GNP

a. True b. False Indicate whether the statement is true or false

Which of the following will most likely occur in the short run when the long-run equilibrium of an economy is disturbed by an unanticipated decrease in aggregate demand?

a. a decrease in output and a higher price level b. an increase in output and a higher price level c. a decrease in output and a lower price level d. an increase in output while prices remain unchanged