The SNAP program is financed through
A. the income tax.
B. a payroll tax.
C. general revenues.
D. private insurance contributions.
Answer: C
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Firms will continue to enter a perfectly competitive industry until
A. the supply curve is vertical. B. the supply curve is meaningless. C. any excess returns have been competed away. D. all resources are fully employed.
Answer the following statement(s) true (T) or false (F)
1. Oligopolies earn zero long-run economic profits. 2. An oligopoly has a low concentration ratio. 3. The concentration ratios for U.S. industries fail to account for foreign competition in those industries. 4. Competition is restricted by government regulations that impose barriers to entry to an industry. 5. Economies of scale exist when a firm’s long-run average total cost increases as its output increases.
If the MPC is 4/5, the multiplier is 5/4
a. true b. false
Refer to the above table. Real GDP in 2017 is
A. 500. B. 190.8. C. 524.1. D. 477.