Which of the following is NOT one of the programs through which the U.S. government attempts to redistribute income to the poor?
A. The Supplemental Nutrition Assistance Program (food stamps)
B. Unemployment insurance
C. Medicare
D. The Works Progress Administration (WPA)
Answer: D
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Suppose the production of a good results in negative externalities. If output is at the intersection of the demand curve and the marginal social cost curve, then
A. the socially optimal level of output will be produced. B. society will incur a net social cost. C. society will want less output produced, and producers will be willing to satisfy this desire at a price that society deems acceptable. D. b and c
Assume that the required reserve ratio for the commercial banks is 25 percent. If the Federal Reserve Banks buy $3 billion in government securities from the non-bank securities dealers, then as a result of this transaction, the lending ability of the commercial banking system will increase by:
A. $4.5 billion B. $9 billion C. $12 billion D. $15 billion
A good with many substitutes will have a _____ curve that is relatively _____ elastic than a good with few substitutes.
Fill in the blank(s) with the appropriate word(s).
The cost of group health insurance is lower than if an individual buys a policy on his own because
A) the problem of adverse selection is reduced. B) moral hazard costs of a group tend to move to a low average. C) it is easier for the company to deny claims from a large group. D) insuring a group eliminates the problem of buyers having more information than the seller.