Which is the most accurate statement?
A. The authority to run welfare programs resides mainly in the states.
B. The authority to run welfare programs resides mainly in the federal government.
C. When the 1996 welfare reform passed, it immediately removed 3 million people from the welfare rolls.
D. The welfare reform law of 1996 will virtually abolish welfare by the year 2008.
A. The authority to run welfare programs resides mainly in the states.
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An economy is experiencing a high rate of inflation. The government wants to reduce aggregate demand by $36 billion to reduce inflationary pressure. The MPC is 0.75. By how much should the government raise taxes to achieve its objective?
A. $9 billion B. $6 billion C. $16 billion D. $12 billion
Wage differences among workers of different races and gender could be due to all of the following except
A) differences in preferences for jobs. B) labor unions. C) differences in work experience. D) differences in education.
The market for maple syrup is perfectly competitive. Suppose that the market is in long-run equilibrium when the market demand for maple syrup increases. After the demand increases, a typical firm will
A) make zero economic profit. B) make an economic profit. C) incur an economic loss. D) exit the market.
In 2015, health care's share of gross domestic product in the United States was about
A) 6.5 percent. B) 18 percent. C) 45 percent. D) 62.5 percent.