Transfer payments, like Social Security, are known as entitlements since ________
A) they are locked up by earlier legislation
B) the individuals who receive these payments are poor and deserve our support
C) the individuals who receive these payments made payments to the federal government in excess of the monies they draw from the system
D) these monies tend to rise in an economic downturn
A
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Refer to the scenario above. If the local government has a progressive tax system, which family pays the largest amount as tax?
A) The first household B) The second household C) The third household D) The fourth household
Father says, "Earn a B-average on your next report card and I'll help you buy a car." An economist would say that this parent is providing his child a(n)
A) study disincentive. B) reason to slack off and not worry about her grades. C) bribe. D) incentive.
Assume both the marginal cost and the average variable cost curves are U-shaped. At the minimum point on the AVC curve, marginal cost must be: a. greater than the average variable cost. b. less than the average variable cost
c. equal to the average variable cost. d. at its minimum.
The payment for a factor of production that is completely inelastic in supply is
A) opportunity cost. B) economic rent. C) discounting. D) limited liability.