John Doe participates in a welfare program which pays him $6,000 dollars. He can work but he loses 50 cents of the welfare check for every dollar he earns over $5,000. How much wage income will he have to earn to escape poverty if the poverty line for him is $17,000 per year?
A. $17,000
B. $11,000
C. $12,000
D. $14,000
Answer: A
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Refer to Figure 13-17. What is the productively efficient output for the firm represented in the diagram?
A) Qf units B) Qg units C) Qh units D) Qj units
Economic theory offers ______ about the full range of possible events and responses, which can prevent ______ about how households will respond to changes in prices or incomes.
A. two budget constraint theories; misguided possibilities B. systematic consumption choices; unrealistic conclusions C. one budget constraint theory; unrealistic possibilities D. a systematic way of thinking; misguided conclusions
Explain how corporate profits are taxed twice.
What will be an ideal response?
According to the author, the development of complex algorithms that perform "brain work" in the future is most likely to:
A. reduce overall employment. B. make the distribution of income less equal. C. make the distribution of income more equal. D. shorten the overall workweek.