The public assistance program that economists believe can promote economic equality at the least cost in economic efficiency is
A. Aid to Families with Dependent Children (AFDC).
B. a negative income tax (NIT).
C. food stamps.
D. Medicaid.
Answer: B
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If the economy is on the LM curve, but is to the right of the IS curve, aggregate output will ________ and the interest rate will ________
A) rise; rise B) rise; fall C) fall; rise D) fall; fall
Refer to Figure 6.5. By how many hours does leisure change as a result of the income effect of the wage change?
A. 2
B. 3
C. 4
D. 5
If oil is considered a non-renewable resource, than oil is a. an unlimited resource
b. a scarce resource. c. not a productive resource. d. has no opportunity cost.
The demand curve for the product of a perfectly competitive firm is
A) perfectly elastic. B) perfectly inelastic. C) elastic at high prices and inelastic at low prices. D) identical to the elasticity of demand on the market demand curve.