Standardized tests are used in efforts to make schools more accountable.
A. True
B. False
C. Uncertain
A. True
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Which of the following categories of federal spending is the largest in the United States?
A) interest on federal debt B) mandatory spending C) discretionary spending D) national defense
If a monopoly firm sells to competitive distributors and the distributors have a constant marginal cost of $4 and they are charging the profit-maximizing retail price of $12, what is wholesale price of the product?
A) $16 B) $4 C) $8 D) $12
Answer the following statements true (T) or false (F)
1. Unemployment insurance is a form of in-kind transfer payment to reduce poverty. 2. The federal government employs an absolute rather than a relative measure to determine poverty. 3. The total number of people in poverty has changed little since the late 1960s. 4. The poverty rate for blacks is almost three times that for whites. 5. Poverty is a condition that randomly strikes all members of the population equally.
The substitution effect of a price change is depicted by a
a. movement along the budget constraint holding satisfaction constant. b. shift in the budget constraint at the old prices. c. movement along the consumer's new indifference curve at the new prices. d. movement along the original indifference curve to the point where the marginal rate of substitution equals the price ratio for the new set of prices.