Since 1960, there have been how many years of budget surplus?
a. 5
b. 10
c. 20
d. 30
A
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Joe and Rita each have some milk and cookies (Milk on the horizontal axis). Joe's MRS of cookies for milk is two. Rita's MRS of cookies for milk is four. Which of the following statements is TRUE?
A) No gains from trade are possible. B) Both Rita and Joe can be made better off if Rita gives Joe some cookies in exchange for milk. C) Rita and Joe are on the contract curve. D) Both Rita and Joe can be made better off if Joe gives Rita some cookies in exchange for milk.
Which of the following is true of the tax and transfer programs of the United States?
a. Tax-transfer programs persistently redistribute income from the rich to the poor. b. Social Security, the largest transfer program, redirects income toward the elderly, a group with above-average levels of both income and wealth. c. The bulk of agriculture subsidies go to large farmers with above-average incomes. d. Taxes generally take a larger share of the income of the poor than is true for those with higher incomes. e. Both b and c are true.
Which of the following is accurate?
a. Monetary policy is neutral in both the short run and the long run. b. Though monetary policy is neutral in the long run, it may have effects on real variables in the short run. c. Monetary policy has profound effects on real variables in both the short run and the long run. d. Monetary policy has profound effects on real variables in the long run, but is neutral in the short run.
There is a 10% chance that you will have healthcare bills of $200,000; a 20% chance that you will have bills of $10,000; a 59% chance that you will have bills of $1,000; and an 11% chance of having bills of $0. What are your expected healthcare bills?
What will be an ideal response?