Which of the following is not an example of in-kind transfers?
a. food stamps
b. Medicaid
c. the Earned Income Tax Credit
d. housing vouchers
c
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A government, based upon its policy decisions, can determine the position and shape of the production possibilities frontier that the economy faces.
Answer the following statement true (T) or false (F)
Scarcity means we must
A) consume less. B) produce less. C) make choices. D) earn more. E) work more.
According to an article the Wall Street Journal, "The big car makers are pushing a wide
array of new technology into production, responding to relentless competitive pressure, rising energy prices and consumer demand for better safety. Source: Joseph B. White, "Ford, GM Eye Shift in Buying Habits," Wall Street Journal, May 22, 2006. Which of Porter's competitive forces does this statement allude to? A) competition from foreign auto manufacturers B) competition from substitute products from outside the industry C) competition from existing firms within the industry D) the threat of competition from new entrants
What happens if price falls below the market clearing price?
A) Demand shifts out. B) Supply shifts in. C) Quantity demanded decreases, quantity supplied increases, and price falls. D) Quantity demanded increases, quantity supplied decreases, and price rises.