In order for Mary to qualify for benefits under a means-tested transfer payment program,
a. she must have worked and contributed to the program
b. she must be able to repay the cash transfer at a later date
c. the head of her household must be able to hold a job
d. she must be totally disabled
e. her household's income and/or assets must fall below a certain level
E
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Using the figure above, if Jack and Jill specialize and gain from trade, then
A) Jack specializes on the production of soda and water. B) Jack specializes in the production of soda. C) Jack produces equal amounts of gallons of water and bottled water. D) Jack specializes in the production of bottled water. E) Jack and Jill produce beyond their PPF.
The market for used cars is shown in the above figure. Buyers cannot tell whether any given car is a lemon. Forty percent (40%) of all cars are lemons. Which of the following statements is true?
A) All of the cars will be sold. B) No cars will be sold. C) Only lemons will be sold. D) Ten percent of the used cars sold will be lemons.
If Holly's demand for fast food decreases as her income rises, then
a. fast food is a normal good for her b. the law of demand must apply c. fast food is a complementary good d. fast food is an inferior good for her e. fast food is a substitute good
What function is money serving when you buy a ticket to a movie?
A. A unit of account. B. A transaction demand. C. A medium of exchange. D. A store of value.