Which of the following is not an example of a transfer payment?
A) health insurance payments to an army private B) social security payments to disabled persons
C) unemployment insurance payments D) social security payments to retirees
A
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Over time Americans have chosen to cook less at home and dine out more. This change in behavior:
A) increases GDP. B) reduces GDP. C) does not affect GDP. D) none of the above
When the principle of comparative advantage determines trade, then a country will
A) specialize only in that good with the highest opportunity cost. B) specialize only in goods with the lowest opportunity costs. C) specialize only in that good where output is less per worker hour than another country. D) specialize only in that good where production costs are more than average total costs.
John just won the Megamillions jackpot. We can assume that his demand for all:
A. normal goods will increase. B. inferior goods will increase. C. normal goods will decrease. D. normal goods will stay the same.
If an effective minimum wage is set,
a. a labor surplus is created. b. a labor shortage results. c. wages fall below the market wage. d. the level of employment rises.