The switch from AFDC to TANF took place in
A. 1937.
B. 1986.
C. 1996.
D. 1998.
C. 1996.
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A monopoly is best defined as a firm that
A) produces a good or service for which no close substitute exists and which is protected by a barrier that prevents other firms from selling that good or service. B) purchases its resources from only one supplier because of a barrier preventing it from buying from other suppliers. C) produces a good or service for which no close substitute exists and that sells all its output to one buyer because there is barrier preventing other buyers from purchasing the good or service. D) cannot control the price it sets for its good or service because there is barrier that prevents the firm from changing the price.
The upward and downward movement of aggregate output produced in the economy is referred to as the
A) roller coaster. B) see saw. C) business cycle. D) shock wave.
A main argument against indexing is that: a. it can worsen inflation
b. it can reduce asset prices. c. transaction costs are too high. d. it could lead to deflation.
In order for the law of diminishing returns to be present, we must have
a. at least one factor of production to be fixed b. output decreasing as more laborers are hired c. the price of labor increasing as more workers are hired d. simultaneous changes in labor and capital e. double the output when labor input is doubled