Goods and services given to the poor such as food stamps, housing vouchers, and medical services are called
in-kind transfers.
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Based on the figure below. Starting from long-run equilibrium at point C, a tax cut that increases aggregate demand from AD to AD1 will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies. 
A. D; C B. B; C C. B; A D. D; B
If two households have the same disposable income in the current year, the household with the
A) higher expected future income will consume a larger portion of its current income today. B) lower expected future income will consume more today while it has the money. C) lower expected future income will spend a larger portion of its current income on consumption today because it will increase its saving in the future. D) none of the above
Refer to Scenario 3 . If half the workers build huts and half of the workers gather coconuts, what would be the production on the island?
What will be an ideal response?
Related to the Economic in Practice on page 710: Corruption often leads to more efficient firms producing the goods and services in a society.
Answer the following statement true (T) or false (F)