Scarcity affects everyone, even billionaires
Indicate whether the statement is true or false
True
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In a circular-flow diagram, the total value of ________ equals the total value of ________
A) spending on goods and services; income B) GDP; GNP C) capital; labor D) exports; imports
In a typical cartel agreement, the cartel maximizes profit when it
a. behaves as a monopolist. b. behaves as a duopolist. c. is flexible in enforcing production targets. d. behaves as a perfectly competitive firm.
Which statement is true?
A. The United States has a larger national output than any other country in the world. B. We have had recessions about every three years since World War II. C. There were no recessions while Ronald Reagan was president. D. None of the statements are true.
Because the benefits distributed under TANF and Medicaid are essentially controlled by the states, critics argue thatÂ
A. recipients can receive benefits for a longer time period than if the programs were controlled by the federal government. B. people receiving benefits have greater incentive to work more. C. poor people with equal needs receive unequal benefits. D. a negative income tax controlled by the federal government is less efficient.