All of the following are considered redistribution methods, EXCEPT:
A. Section 8 housing subsidies.
B. Blue Cross Blue Shield.
C. Medicare.
D. progressive taxes.
Ans: B. Blue Cross Blue Shield
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To determine if a market is an oligopoly, we need to determine if
A. the market's HHI is less than 900. B. the firms are so few that they recognize their mutual interdependencies. C. cartels are legal in their market. D. the firms make identical or differentiated products. E. there are many firms in the market.
An increase in the income tax rate leads to a large increase in deadweight loss if ________
A) the labor supply curve is highly elastic B) the labor supply curve is perfectly inelastic C) the labor demand curve is elastic D) the labor demand curve is perfectly inelastic
Economics is the study of the ________ people make to attain their goals, given their ________ resources
A) decisions; household B) choices; scarce C) purchases; unlimited D) income; available
If the United States could produce 1 ton of potatoes or 1 ton of wheat per worker per year, while Ireland could produce 3 tons of potatoes or 2 tons of wheat per worker per year, there can be mutual gains from trade if: a. the United States specializes in potatoes because of its comparative advantage in producing potatoes. b. the United States specializes in wheat because of its absolute
advantage in producing wheat. c. the United States specializes in wheat because of its comparative advantage in producing wheat. d. there can be no mutual gains from trade.