Transfer payments are important for society because
a. the government needs to perform acts of goodwill to maintain citizens' support
b. we could not count GDP without them
c. they serve to redistribute money from one group of citizens to another
d. government investment is an important component of GDP
e. they result in lower taxes for citizens
C
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A change in the price of a good
A) shifts the good's demand curve and also causes a movement along it. B) shifts the good's demand curve but does not cause a movement along it. C) does not shift the good's demand curve but does cause a movement along it. D) neither shifts the good's demand curve nor causes a movement along it.
Assume that you know the following cost information about Fred's widget company: Its fixed cost is $9, and its total variable cost is $6 for 1 unit; $11 for 2; $ 15 for 3; 20 for 4; and 26 for 5 . Given the above information, a. the marginal cost of providing the second unit is $5. b. the total cost of producing 4 units is $29
c. the average total cost of producing five units is $7. d. all of the above are true.
According to studies using international data, an increase in the saving rate
a. does not increase the growth rate of output. b. increases the growth rate of output for a few years. c. increases the growth rate of output for about a decade. d. increases the growth rate of output for several decades.
Medicare
A. subsidizes the care of middle aged people, which gives them an incentive to consume more medical services. B. subsidizes the care of older people, which gives them an incentive to consume more medical services. C. subsidizes the care of older people, which gives them NO incentive to consume more medical services. D. subsidizes the care of young people, which gives them an incentive to consume less medical services.