Which of the following is a noncash transfer?
A. A payment to a divorced mother under TANF.
B. SNAP (food stamps).
C. A social security payment to a retiree.
D. Unemployment compensation benefits.
Answer: B
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Firms in perfectly competitive markets take the ______ as given when deciding how much to sell.
A. market quantity B. lowest prices C. market prices D. input prices
To derive the marginal physical product of capital,
a. all other resources must be held fixed b. capital must be held fixed c. all resources, including capital, must be held fixed d. all resources are variable e. output must be held fixed
If trade between two countries is voluntary, one can expect that
A. one country’s gain is necessarily the other’s loss. B. one country will exploit the other one. C. neither country really gains from trade. D. the larger country will always gain at the expense of the smaller. E. both countries expect to gain something.
Talking about alternatives is the first step in a process that helps us make better choices about how we use our resources
Indicate whether the statement is true or false