Examples of transfers-in-kind include
A) tax rebates on both the federal and state levels.
B) taxes on alcohol and tobacco.
C) food stamps.
D) foreign aid.
Answer: C
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List and explain the three fundamental economic questions that must be answered by all economic systems
What will be an ideal response?
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4Refer to Figure 2.4. The economy moves from Point E to Point B. This could be explained by
A. a change in society's preferences for hybrid cars versus motorcycles. B. an increase in economic growth. C. an increase in unemployment. D. a reduction in unemployment.
The most important challenge facing a firm in a perfectly competitive market is deciding:
A. what price to charge. B. whether to advertise. C. whether to maximize its profits. D. how much to produce.
Economists speak of price elasticity of demand. Which word below is synonymous with "elasticity"?
A) Futility B) Sensitivity C) Relativity D) Serendipity