A means tested government program is one that:
A. is pilot tested to see if it works.
B. provides assistance to those below a certain income level.
C. is temporary and ends after a short period of time.
D. All of these
Answer: B
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After watching a movie, Alan chooses not to watch a second and goes for a walk instead. Economists could explain his choices using the concept of:
A. budget constraints. B. diminishing marginal utility. C. income effect. D. substitution effect.
If a person drives with less care after purchasing auto insurance, this situation would be an example of a(n)
What will be an ideal response?
Which of the following is considered a legitimate concern of a large public debt?
A. Bankruptcy of the federal government. B. Crowding-out of private investment. C. Burdening future generations. D. Collapse of the financial system.
When a bank grants a loan to a customer who then keeps the funds in her checking account at that bank, then the bank's:
A. Actual reserves will increase B. Required reserves will increase C. Actual reserves will decrease D. Excess reserves will stay the same