The biggest single transfer program at the federal level is Social Security.
Answer the following statement true (T) or false (F)
True
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Automatic stabilizers in the economy tend to
A. overcompensate for the irregular swings in real GDP. B. dampen the irregular swings in real GDP. C. fully offset irregular swings in real GDP. D. magnify somewhat the irregular swings in real GDP.
In which of the following U.S. industries is the rate of unionization the lowest?
A. Transportation. B. Mining. C. Manufacturing. D. Finance.
Which of the following is an example of a positive statement?
A) Prices determine what goods and services are produced in a market economy. B) The government of the Soviet Union determined the three fundamental questions of microeconomics (i.e., what is produced, how it is produced, who receives the product). C) The production of goods and services should be determined by market prices. D) A and B
Which of the following have to be true about functions in the duality picture:
A. The expenditure function is homogeneous of degree 1 in prices. B. The compensated demand functions are homogeneous of degree 1 in prices. C. The uncompensated demand functions are homogeneous of degree 1 in prices. D. Both (a) and (b). E. Both (b) and (c). F. Both (a) and (c). G. All of the above. H. None of the above.