The main attractive feature of a negative income tax program is
a. it is politically clean and simple
b. it keeps the IRS out of the picture
c. it avoids cash payments to the poor
d. it is totally financed out of the incomes of the poor creating for them a sense of individual responsibility
e. it only subsidizes the unemployed
A
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Answer the following statement(s) true (T) or false (F)
1. When both players have dominant strategies, there is one and only one Nash equilibrium. 2. In any game situation, at least one player always has a dominant strategy. 3. An outcome is a Nash equilibrium if and only if both players agree that the outcome is desirable. 4. The main problem in the Prisoners' Dilemma is that the players involved fail to agree on an outcome that would be mutually beneficial.
Economies where production and distribution decisions are made by the government are called
A) command economies. B) market economies. C) mixed economies. D) capitalist economies.
If planned aggregate expenditure is less than real GDP, some firms will experience unplanned increases in inventories
Indicate whether the statement is true or false
Table 10-1 Q (in units) AFC (in dollars) AVC (in dollars) MC (in dollars) 0 C C C 2 2.5 18 10 4 1.25 14 14 6 0.83 18 42 8 0.63 30 94 10 0.5 50 170 In Table 10-1 are the short-run cost schedules of a perfectly competitive firm. If the market price of output is $50, the firm will produce ____ units and earn a profit of ____.
A. 6; $187.02 B. 6; $48 C. 8; $154.96 D. 8; $245.04