Transfer payments include all of the following except
A. Social Security benefits for retirees.
B. A church-run thrift store for the poor.
C. Federal crop assistance for farmers.
D. Government-subsidized loans for students.
Answer: B
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A resource is defined to be:
A. something that people respond to. B. anything that can be used to make something of value. C. a good or service. D. something of value.
During a war, a government will often draft people, most of whom are presently employed, into the army. An economist, computing the real cost of the war, would be sure to include which of the following items?
a. the value of the civilian goods no longer produced by the new soldiers b. the cost of feeding and clothing the new soldiers c. the dollar cost of the payroll d. the higher prices of civilian goods due to wartime shortages e. the cost of transporting the soldiers to combat
In the U.S. today:
A. most banks are state chartered. B. there are approximately equal numbers of state and federally chartered banks. C. all new banks are federally chartered. D. most banks are federally chartered.
Assume the total product of two workers is 80 and the total product of three workers is 90. The average product of three workers is ________, and the marginal product of the third worker is ________.
A. 160; 270 B. 30; 10 C. 10; 13.33 D. 10; 45