The phenomenon that describes how transfer programs, which significantly reduce the adversities of poverty, also reduce the opportunity cost of choices that often lead to poverty is known as
a. the implicit marginal tax rate.
b. Gibson's paradox.
c. the Phillips curve
d. the Samaritan's dilemma.
D
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Refer to Table 9-1. Select the statement that accurately interprets the data in the table
A) Sandy has a comparative advantage in dog grooming. B) Sandy has a comparative advantage in dog bathing. C) Linda has a comparative advantage in dog grooming and dog bathing. D) Linda has a comparative advantage in dog grooming.
In a business cycle expansion, the ________ of bonds increases and the ________ curve shifts to the ________ as business investments are expected to be more profitable
A) supply; supply; right B) supply; supply; left C) demand; demand; right D) demand; demand; left
If MUx/Px exceeds MUy/Py, then the consumer should
a. consume more of good X and less of good Y b. consume less of good X and more of good Y c. consume less of both goods X and Y d. not change the consumption levels of X and Y e. consume more of good Z
The following data show the relationship between the number of drivers who leave for work at 8 a.m., their average commute time, and their marginal benefit of commuting.Number of DriversWho Leave at 8 a.m.AverageCommute TimeMarginalBenefit10030 minutes$1020065 minutes$8300110 minutes$4400170 minutes$3500260 minutes$1 If there is no charge to use the highway, then one would expect that ________ than the socially optimal number of drivers will leave at 8 a.m. because ________.
A. less; each driver's use of the highway imposes an external cost on other drivers by increasing the commute time B. more; each driver's use of the highway imposes an external cost on other drivers by increasing the commute time C. more; the social marginal benefit of using the highway is greater than the private marginal benefit D. less; the private marginal benefit of using the highway is greater than the social marginal benefit