The curve in the above figure will shift to the right when
A. the proportion of the population that is elderly increases.
B. population falls.
C. labor productivity increases.
D. the price level falls.
Answer: C
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Signaling is the attempt by the uninformed side of the market to uncover the relevant but hidden characteristics of the informed party
a. True b. False
The reason people in Professor Rawls' thought experiment would choose an equal distribution of income is that:
A. people are risk-neutral. B. it is the easiest distribution to implement. C. they are concerned about the welfare of others. D. they fear ending up in a disadvantaged position themselves.
The EITC differs from other programs in that
A. it provides actual food. B. it is administered by the Internal Revenue Service rather than a human services agency. C. it is part of the Social Security system. D. it is administered by the states rather than the Federal government.
Which of the following statements about the agriculture price policy is correct?
a. Price supports may induce elther an underallocation or an overallocation of resources to farm products b. Supported prices have no effect on the allocation of resources to farm products c. Supported prices induce an underallocation of resources to farm products. d. Price supports induce an overallocation of resources to farm products.