Which of the following is a transfer payment?
I. Social Security
II. Unemployment benefits
A) I only
B) II only
C) Both I and II
D) Neither I nor II
Answer: C
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Kate and Alice are small-town ready-mix concrete duopolists. The market demand function is Qd = 20,000 - 200P, where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year. Marginal cost is $80 per cubic yard. The Cournot model describes the competition in this market. Which of the following best represents Kate's inverse residual demand function?
A. P(QK) = (100 - 0.005QA) - 0.005QK B. P(QK) = (100 - 0.005QK) - 0.005QA C. P(QK) = (200 - 0.005QA) - 0.005QK D. P(QK) = (200 - 0.005QA) - 0.005QA
An individual who desires the most liquid asset possible will hold
A) currency. B) a savings account. C) checkable deposits at a bank. D) U.S. government bonds.
A difference between a proprietorship and a partnership is that
A) a proprietorship is easy to form while a partnership is hard to form. B) a proprietorship has only one owner while a partnership has only two owners. C) a partnership allows for specialization while a proprietorship does not. D) the profits in a proprietorship are taxed only once while in a partnership they are taxed twice.
If the price elasticity of demand for a good is 5.0, then a 10 percent increase in price results in a
a. 0.5 percent decrease in the quantity demanded. b. 2.5 percent decrease in the quantity demanded. c. 5 percent decrease in the quantity demanded. d. 50 percent decrease in the quantity demanded.