What does Temporary Aid to Needy Families (TANF) require of recipients?
What will be an ideal response?
A recipient must participate in work activities defined as employment, on-the-job training, work experience, community service or vocational training.
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If the government removes a binding price ceiling from a market, then the price received by sellers will
a. decrease, and the quantity sold in the market will decrease. b. decrease, and the quantity sold in the market will increase. c. decrease, and the quantity sold in the market will increase. d. increase, and the quantity sold in the market will increase.
Which of the following is true of the interaction of supply and demand?
a. As the price increases, the quantity demanded and the quantity supplied will increase. b. As the price increases, the quantity demanded and the quantity supplied will decrease. c. As the price increases, the quantity demanded increases and the quantity supplied will decrease. d. As the price increases, the quantity demanded will decrease and the quantity supplied will increase. e. As the price increases, neither the quantity demanded nor quantity supplied will change.
How does an import quota differ from an equivalent tariff?
In terms of market failure, underallocation means the economy ______.
a. is controlled by a single-seller b. is controlled by the government c. has produced too little d. has produced too much