For providing their resources to firms, workers, loanable funds' suppliers, landowners, and entrepreneurs, receive (in the same order)
a. wages, rent, profit, and interest
b. wages, interest, rent, and profit
c. wages, profit, rent, and interest
d. wages, interest, profit, and rent
e. profit, rent, interest, and wages
B
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Explain why input demand curves slope downward using the concepts of the factor substitution effect and the output effect
What will be an ideal response?
When a unit tax is placed on demanders ____
a. it will be paid entirely by demanders if the demand curve is elastic b. it will have the same effect as a similar unit tax placed on suppliers c. they will pay a larger share than if it was initially placed on suppliers d. they will pay a smaller share than if it was initially placed on suppliers
If monopolistically competitive firms earn short-run economic profits, we expect to see
A. new firms trying to enter the industry, but unable to do so because of barriers to entry. B. existing firms altering their scale of plant to try to capture larger profits. The combined effect is to cause all firms to earn zero economic profits. C. existing firms increasing prices to try to capture larger economic profits. D. new firms enter the industry, which shifts the demand curves of the existing firms to the left until firms earn zero economic profits.
Families are automatically eligible for Medicaid if they are on
A. Social Security. B. TANF and SSI. C. SSI. D. TANF.