Which of the following programs is most clearly advantageous to those with lower levels of income?
a. farm subsidy programs
b. the Social Security retirement program
c. the Earned Income Tax Credit
d. credit subsidies provided by the Import-Export bank to business firms that sell goods abroad
C
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On most days the price of a rose is $1 and 80 roses are purchased. On Valentine's Day the demand increases so that the price of a rose rises to $2 and 320 roses are purchased. Therefore, the price elasticity of
A) demand for roses is about 1.8. B) demand for roses is about 0.55. C) supply of roses is about 1.8. D) supply of roses is about 0.55.
What is the term for the contract that maximizes the principal's payoff subject to the constraint that the principal lacks the agent's private information?
a. First best b. Second best c. Third best d. Pareto optimum
The Fed can increase the money supply by conducting open-market
a. sales or by raising the discount rate. b. sales or by lowering the discount rate. c. purchases or by raising the discount rate. d. purchases or by lowering the discount rate.
The idea that the economy operates like a complicated, predictable machine is an important aspect of
A) game theory. B) attrition theory. C) the theory of strategic interaction. D) time inconsistency theory. E) optimal control theory.