As a result of a major overhaul of the U.S. welfare system in 1996:
A. Benefits were expanded for immigrants
B. Immigrants are denied benefits for their first five years in the U.S.
C. Immigrants are denied benefits for their first three years in the U.S.
D. More immigrants qualified for welfare benefits
B. Immigrants are denied benefits for their first five years in the U.S.
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A perfectly competitive firm shuts down in the short-run when the market price is less than the average variable cost
a. True b. False Indicate whether the statement is true or false
If the Fed increases the required reserve ratio at a time when banks are holding excess reserves, then: a. the Fed's aim is to increase the money supply
b. banks are likely to lend out more money than they would if the Fed left the reserve ratio alone. c. banks are likely to earn higher profits than they would. d. the money supply will not increase as much as it would if the Fed left the reserve ratio alone. e. the Fed's aim is to conduct open market operations without changing the money supply.
The marginal revenue curve for a monopolist
a. is identical to its demand curve. b. is always below its demand curve if the demand curve is downward sloping. c. is always below its demand curve if the demand curve is horizontal. d. typically crosses the average revenue curve.
A good which has social costs that exceed private costs has a price
A) equal to marginal social cost. B) that is too low. C) that is too high. D) that is inefficient because price exceeds marginal social cost.