The basic difference between government spending on public goods and government transfer payments is that spending
a. on public goods reallocates resources between the public and private sectors, while spending on transfer payments does not
b. on transfer payments reallocates resources from the private to the public sector, while spending on public goods does not
c. on public goods reallocates resources between the public and private sectors, while transfer payments reallocate resources from the public to the private sector
d. on public goods reallocates resources between different levels of government spending, while spending on transfer payments reallocates resources from the privatesector to the public sector
e. on public goods reallocates resource from the private to the public sector, while spending on transfer payments reallocates resources from the federal government tostate governments
A
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The equilibrium price under an import quota is below the price that occurs with free trade
Indicate whether the statement is true or false
Utility is most closely defined by which of the following terms?
a. Useful. b. Worthiness. c. Necessary. d. Satisfaction.
Huge wage differentials paid for small differences in performance is an example of
a. the failure of the Lorenz curve to accurately reflect income distribution b. winner-take-all c. the failure of the Gini coefficient to accurately reflect income distribution d. a negative income tax system that disproportionately rewards the rich e. the different kinds of in-kind assistance that different people receive
Graphically, an increase in the market demand for coffee is shown by:
a. a rightward movement along the market demand curve for coffee. b. a rightward shift in the market demand curve for coffee c. a leftward movement along the market demand curve for coffee. d. a leftward shift in the market demand curve for coffee.