Perhaps the biggest problem that is faced by those administering workfare programs is
A. that most of the people on welfare are not highly employable.
B. too much money is allocated for education and training.
C. that welfare recipients have no incentive to work.
D. the states are not required to follow any guidelines in administering the program.
A. that most of the people on welfare are not highly employable.
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According to Pigovian analysis, when is a tax necessary to improve the market's economic efficiency?
a. When high transactions costs prevent private bargaining. b. When the social marginal cost of production exceeds the private marginal cost. c. When consumption of the good creates external benefits for others. d. When at the competitive equilibrium, the social marginal benefit of the good equals its social marginal cost.
Refer to Scenario 12.2. In this game, there is (are)
A) 4 Nash equilibria. B) 2 Nash equilibria. C) 1 Nash equilibrium. D) zero Nash equilibria.
The short-run aggregate supply curve is upward sloping because in the short run the
A) money wage rate changes but the price level does not. B) price level changes but the money wage rate does not. C) both the money wage rate and the price level change. D) neither the money wage rate nor the price level can change.
Suppose Mexico can produce 5 autos or 10 corn. Suppose the United States can produce 4 autos or 20 corn. If opportunity costs are constant for both countries, which of the following would NOT be a potential terms of trade?
A) 1 auto for 3 corn B) 1 auto for 4 corn C) 1 corn for 1/3 of an auto D) 1 corn for 1 auto