Monoploy
What will be an ideal response?
Market with one seller.
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Leo is a welfare recipient who qualifies for two means-tested cash benefit programs. If he does not earn any income, he receives $225 from each program. For each dollar he earns (which his employer is required to report to the welfare agency), his benefit from each program is reduced by 75 cents until the benefit equals zero. If Leo values income and not the source of the income, then if he can only earn $400 he will choose to:
A. not work and accept the benefits. B. not work and refuse the benefits. C. work part time. D. work.
In the Keynesian cross diagram, an increase in autonomous consumer expenditure causes the aggregate demand function to shift up, the equilibrium level of aggregate output to ________, and the IS curve to shift to the ________,
everything else held constant. A) rise; left B) rise; right C) fall; left D) fall; right
How do macroeconomists differ from microeconomists?
a. the basic tools of analysis b. the underlying principles c. the use of abstractions and models d. the problems studied e. All of the above are correct.
The production possibilities curve illustrates
A. The existence of unlimited wants and resources. B. The limitations that exist because of scarce resources. C. That there is no limit to the level of output. D. That there is no limit to what an economy can produce.