Government transfer payments are income earned by individuals who work for the federal government.
Answer the following statement true (T) or false (F)
False
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Refer to the above figure. If a price ceiling of $3 was set
A) the quantity sold would be 80 units. B) there would be a surplus of 40 units. C) there would be a shortage of 40 units. D) there would be a shortage of 20 units.
Monopolistic competition is a market structure characterized by many small firms selling a homogeneous product
a. True b. False Indicate whether the statement is true or false
Given freedom of movement for both goods and resources, if Florida producers specialize in oranges and Georgia producers specialize in peaches, then it would be reasonable to conclude that
a. Georgia has a comparative advantage in producing peaches. b. total output will be expanded when Georgia allocates more resources to producing oranges and Florida allocates more resources to producing peaches. c. Florida has a comparative advantage in producing peaches. d. the opportunity cost of growing oranges is higher in Florida than in Georgia.
Recall the Application about the effects of increasing state level Earned Income Tax Credit (EITC) on child health in the United States to answer the following question(s).Recall the Application. According to the study cited in the Application, does EITC improve income distribution?
A. Yes, aside from increasing income for low-income households, it improves the health levels of the worker and their families. B. Yes, EITC encourages workers to sop working and get an education in the health industry. C. No, only the politicians get rich because of EITC. D. No, the level of spending on EITC is so low it has no measurable effects on incomes of the poor.