Which statement is true?
A. Welfare payments are set by the federal government and are the same for all states.
B. Only the industrial states of the northeast, Midwest, and the far west have welfare programs.
C. Most people receiving welfare benefits are black.
D. Each state sets its own welfare payments.
D. Each state sets its own welfare payments.
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Arrow suggests that any social choice process should be applicable to any set of preferences for individuals -- because we can't be sure individual preferences are always rational.
Answer the following statement true (T) or false (F)
Suppose you found $3,000 hidden in your closet and deposited it in a demand deposit account at your bank. If the reserve requirement was 40 percent, the deposit would directly create ____ in excess reserves and ultimately lead to a ____ total increase in the money supply, if all banks in the system lend out 100 percent of their excess reserves
a. $1,800; $7,500 b. $1,800; $5,400 c. $3,000; $7,500 d. $3,000; $3,000
Alternative Outputs from One Day of Labor Wheat (in bushels) Textiles (in yards) United States 12 3 Great Britain 3 12 According to the table above, the United States
a. has an absolute advantage over Great Britain in the production of textiles. b. has an absolute advantage over Great Britain in the production of wheat. c. has a comparative advantage in the production of textiles. d. should export textiles to Great Britain. e. none of the above
Critics of social regulation would argue that it:
A. Decreases prices B. Increases output C. Increases competition D. Decreases product innovation