Which of the following is not an example of in-kind transfers?
A. Food stamps.
B. Housing subsidies.
C. Medicaid benefits.
D. Social Security payments.
Answer: D
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The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.
At an equilibrium price: a. quantity demanded exceeds quantity supplied. b. quantity demanded equals quantity supplied
c. quantity demanded is less than quantity supplied. d. there is no scarcity.
The more dangerous of two jobs currently pays $3 more per hour. The jobs are equivalent in all other respects. If labor is migrating from the higher-risk job to the lower-risk job, then
a. the equilibrium compensating wage differential is less than $3 per hour b. the wage rate will drop for the more dangerous job c. the wage rate will rise for the less dangerous job d. the equilibrium compensating wage differential is greater than $3 per hour e. equilibrium is unattainable in the two labor markets
When a monopolist chooses the level of output where marginal cost equals marginal revenue:
A. price is equal to average total costs. B. price is set at marginal revenue. C. profits are maximized. D. total revenue is maximized.