Social Security is an example of
A) a progressive income tax.
B) a subsidized service.
C) an income maintenance program.
D) an unemployment benefit.
C
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If a good is inferior, then the income elasticity of demand for that good is
a. positive and greater than 1 b. negative c. positive and less than 1 d. 0 e. perfectly elastic
When the economy produces its potential output, _____ is zero
a. frictional unemployment b. cyclical unemployment c. seasonal unemployment d. structural unemployment e. disguised unemployment
Which of the following is true about the production possibilities curve when a technological progress occurs? The curve:
a. shifts inwards to the left. b. becomes flatter at one end and steeper at the other end. c. becomes steeper. d. shifts outward to the right. e. does not change.
Which of the following statements is true about voting results if preferences are intransitive?
a. The result of voting never reflects majority preferences. b. It is impossible to predict the outcome when preferences are intransitive. c. The person who sets the agenda (sequence of votes) may be able to control the outcome. d. Only a Borda Count yields a unique result when preferences are intransitive.