Income assistance programs
a. require that the recipient work and contribute to the program
b. are designed to replace lost income
c. include unemployment compensation and Medicare
d. are funded exclusively by the federal government
e. include both cash and in-kind transfer programs
E
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There are many excellent substitutes for water in almost all American cities because
A) the demand for water is elastic. B) the demand for water is inelastic. C) the supply of water is limited. D) there are so many alternative drinks readily available in the marketplace. E) water is cheap, and people therefore use it for many different purposes.
A free rider is a person who:
a. is harmed by another's actions. b. is subject to a negative externality. c. receives benefits from someone else's action but does not pay for them. d. pays less than the full value for a product. e. won the state lottery.
A welfare loss in a market
a. is the dollar difference between consumer surplus and producer surplus b. is measured as the area above the market price and to the left of the market quantity c. is the dollar value of potential benefits not achieved due to inefficiency in that market d. is typically due to government intervention in that market e. is typically minimized when a government sets a ceiling price
An increase in real interest rate ………………cost of investment # randomize
A. Decreases B. Increases C. Does not affect D. Diminishes