When Social Security checks were first issued the nominal amount:
A. stayed the same for the life of the payments.
B. regularly increased by 5 % every 3 months.
C. regularly increased by 10 % every 3 years.
D. stayed 3% above the poverty level for all recipients.
A. stayed the same for the life of the payments.
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Since 1973 the incidence of poverty has generally increased for
A. children. B. the elderly. C. married couples. D. All of the choices are true.
Which of the following examples would an economist concerned about individual freedom and liberty most likely support?
a. increasing government oversight of education b. hiring more government employees c. more government involvement in the environment d. less government involvement in business
Assume a purely competitive increasing-cost industry is initially in long-run equilibrium and that an increase in consumer demand occurs. After all economic adjustments have been completed, product price will be:
A. lower, but total output will be larger than originally. B. higher and total output will be larger than originally. C. lower and total output will be smaller than originally. D. higher, but total output will be smaller than originally.
If Canada imports fishing poles from Mexico and Mexico imports bacon from Canada, which of the following would explain this pattern of trade?
A) Mexico has a lower opportunity cost of producing bacon than Canada and Mexico has a comparative advantage in producing fishing poles. B) The opportunity cost of producing fishing poles in Canada is higher than it is in Mexico, and the opportunity cost of producing bacon in Mexico. is higher than it is in Canada. C) Mexico must have an absolute advantage in producing fishing poles and Canada must have an absolute advantage in bacon. D) Mexico has a higher opportunity cost of producing fishing poles than Canada, and Canada has a higher opportunity cost of producing bacon.