The Social Security system is a pure income transfer program, financed on a pay-as-you-go basis
Indicate whether the statement is true or false
T
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Assume that the supply curve for a commodity shifts to the right and the demand curve shifts to the left, and the shift in demand is greater than the shift in supply
Then, in comparison to the initial equilibrium, the new equilibrium will be characterized by: A) a lower price and a higher quantity. B) the same price and a lower quantity. C) a higher price and a lower quantity. D) a lower price and quantity.
Moral hazard occurs when the parties on once side of the market, who have information not known to others, self select in a way that adversely affects the parties on the other side of the market.
Answer the following statement true (T) or false (F)
The law of supply states that:
A. there is a negative relationship between the price of a good and the quantity of it purchased by suppliers. B. there is a positive relationship between the price of a good and the quantity that buyers choose to purchase. C. there is a positive relationship between the price of a good and the quantity of it offered for sale by suppliers. D. at a lower price, a greater quantity will be supplied.
Refer to Table 10.1. If the price of output is $10 per unit, the marginal revenue product of the third unit of labor is:
A. $50. B. $60. C. $500. D. $600.