Leo is a welfare recipient who qualifies for two means-tested cash benefit programs. If he does not earn any income, he receives $225 from each program. For each dollar he earns (which his employer is required to report to the welfare agency), his benefit from each program is reduced by 75 cents until the benefit equals zero. In the absence of any earnings, Leo will receive ________ in cash from each program, for a total of ________ in benefits.
A. $225; $400
B. $200; $400
C. $225; $450
D. $225; $225
Answer: C
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Milky Moo and Mega Cow are the only sellers of milk. Milky Moo's supply function is QsMMoo = 12P - 6 at prices above $0.50 and zero at prices below $0.50. Mega Cow's supply function is QsMCow = 9P - 3 at prices above $0.33 and zero at prices below $0.33. At a price of $2.00:
A. the market supply of milk is 33 units. B. the market supply of milk is 15 units. C. the market supply of milk is 18 units. D. the market supply of milk is 42 units.
Which of the following represents an accurate situation for a perfectly competitive firm?
A. P = $16 and MR = $0 B. P = $5 and MR = $7 C. P = $9 and MR = $9 D. P = $12 and MR = $8
Why does the GG schedule have a positive slope?
A) The monetary efficiency gain a country gets by joining a fixed exchange rate area falls as its economic integration with the area increases. B) The monetary efficiency gain a country gets by joining a fixed exchange rate area rises as its economic integration with the area decreases. C) The monetary efficiency gain a country gets by joining a fixed exchange rate area rises as its economic integration with the area increases. D) The monetary efficiency gain a country gets by joining a floating exchange rate area rises as its economic integration with the area increases. E) The monetary efficiency gain a country gets by joining a fixed exchange rate area is constant after their integration into the area.
The capital account records all international purchases and sales of stocks, bonds, real estate, businesses, and bank accounts
a. True b. False Indicate whether the statement is true or false