Which of the following is not a means-tested program?
a. Social Security
b. Temporary Assistance for Needy Families
c. Earned Income Tax Credit
d. Supplemental Security program
Answer: a. Social Security
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If buyers of a monopolistically competitive product feel the products of different sellers have little differences between them, then the demand for each seller's product is relatively elastic
Indicate whether the statement is true or false
The primary objective of economics is
A) to learn how to create more resources. B) to study how people make choices with limited resources. C) to learn how to make the most profits with a given amount of resources. D) to study why some people are never happy with the resources they have.
Total Revenue Product with six units of labor would be
A. $200.
B. $340.
C. $1,000.
D. $1,200.
Suppose Toor's beer is sold in a monopolistically competitive market. In the long run we expect the price of Toor's beer to:
A. equal the average cost of production of Toor's beer. B. exceed the average cost of production of Toor's beer. C. equal the marginal cost of production for Toor's beer. D. equal the minimum possible average cost of producing Toor's beer.