The maximum welfare benefit levels in most states
A. by law are 1.5 times the poverty income threshold.
B. by law must equal the poverty income threshold.
C. are significantly above the poverty income threshold.
D. are significantly below the poverty income threshold.
D. are significantly below the poverty income threshold.
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The GDP deflator is 100 times the ratio of ________
A) GDP to GNP B) GNP to GDP C) real GDP to nominal GDP D) nominal GDP to real GDP
If producing more output has no effect on average cost then
A) there are diseconomies of scale. B) there are economies of scope. C) there are diseconomies of scope. D) there are no economies of scale.
One of the problems created by price floors set above the equilibrium is:
a. consumers complain about high prices. b. firms don't have incentives to reduce costs. c. the creation of surplus. d. how to cope with the shortages. e. the impact on firm profitability.
Figure 3.6 illustrates a set of supply and demand curves for hamburgers. A decrease in supply and an increase in demand are represented by a movement from:
A. point d to point c. B. point c to point b. C. point b to point d. D. point c to point a.