SSI differs from other programs in that
A. it is administered by the states rather than the Federal government.
B. it is part of the Social Security system.
C. it provides actual food.
D. it is administered by the Internal Revenue Service rather than a human services agency.
Answer: B
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The demand for a good is less price elastic
A) if closer substitutes are available. B) if the good is a luxury rather than a necessity. C) if the share of the good in the average consumer's budget is smaller. D) in the long run than in the short run.
In an aggregate demand and aggregate supply graph, a contractionary fiscal policy can be best illustrated by a:
A. rightward shift in the aggregate supply curve. B. movement along an existing aggregate supply curve. C. leftward shift in the aggregate demand curve. D. rightward shift in the aggregate demand curve.
Because a famous airplane like the Spruce Goose is fixed in supply, its price is
A. inelastic. B. independently determined. C. supply determined. D. demand determined.
Consider the following game. You roll a six-sided die and each time you roll a 1, you get $50. For all other outcomes you pay $10. Since the expected value of this game is $0, the game is called a(n)
A. even game. B. zero sum game. C. fair bet. D. gamble.