Use the following formula to answer the indicated question: Welfare benefit = Maximum benefit - Wages Suppose Parker works 2,000 hours per year at a wage of $12 per hour. If the state maximum welfare benefit is $14,000 per year, based on the welfare formula given, Parker's welfare benefit will be
A. Zero.
B. $14,000.
C. $7,000.
D. $28,000.
Answer: A
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Poverty is defined in two ways: the absolute concept of poverty and the relative concept of poverty.
Answer the following statement true (T) or false (F)
Which good would be likely to be bought in the same quantity even if it doubled in price?
a. shoes b. telephones c. pencils d. computers
Exhibit 2-6 Production possibilities curve data A B C D E F Capital goods150 140 120 90 50 0 Consumer goods 0 20 40 60 80 100 In Exhibit 2-6, the concept of increasing opportunity costs is represented by the fact that:
A. the quantity of capital goods produced must be less than 150. B. the quantity of consumer goods is constant for each change in the quantity of capital goods produced. C. greater amounts of capital goods must be sacrificed to produce each additional unit of consumer goods. D. the amount of consumer goods produced must be greater than zero.
A piece of software that benefits many users at the same time would be an example of:
A. Network effects B. Learning by doing C. Multiple production D. Simultaneous consumption