Ida May Fuller was the first person to:
A. receive a Social Security check.
B. have her Social Security check adjusted for inflation.
C. receive Social Security payments for over 20 years.
D. petition Congress for indexing Social Security payments.
A. receive a Social Security check.
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Government assistance to farmers, which seeks to maintain a target price by buying surplus output, results in
A) higher prices and less food for consumers. B) higher prices and more food for consumers. C) lower prices and less food for consumers. D) lower prices and more food for consumers.
In a competitive industry
a. firms have no cost advantages b. some firms have cost advantages, while others do not c. all the firms have highly differentiated products d. Consumers have strong preferences across brands
There is an increase in both consumer income and in the price of jet fuel, an important resource used to produce air travel. If air travel is a normal good, how will these changes influence the price and quantity purchased of air travel? The change in the price of air travel will (be) ____ and the change in the quantity purchased will (be) ____
a. indeterminate; decrease b. increase; indeterminate c. decrease; indeterminate d. indeterminate; increase
If P > ATC for a perfectly competitive firm, then
a. the firm could increase profit by lowering its price b. the firm could increase profit by raising its price c. the firm is producing too much output d. the firm is making a profit e. profits are zero in the short run