The incentive structure is a
A. system of rewards and punishments that individuals consider when making decisions.
B. system determined by the federal government that gives certain states more federal funds.
C. system of checks and balances in the government.
D. system of infrastructure in the United States that improves commerce.
Answer: A
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In the short run, an unanticipated shift to a more restrictive monetary policy is most likely to result in
a. a decrease in short-term interest rates. b. a reduction in the growth rate of real GDP. c. an increase in the rate of inflation. d. an increase in employment.
The recession of 2007-2009 would most likely be represented in a production possibilities frontier graph by
A) a point inside the frontier. B) a point outside the frontier. C) a point on the frontier. D) an intercept on either the vertical or the horizontal axis.
Which of the following would be most likely to give the American public more air travel at a lower cost?
A. Reregulate the airline market by reestablishing the CAB. B. Subsidize research and development and purchases of new airplanes for the major existing airlines. C. Allow foreign airlines to enter the U.S. market. D. Limit entry of new firms to allow the current firms to gain greater financial strength.
Refer to Table 21.1. What is the median income on Richlandia?
A) $40,000 B) $69,000 C) $75,000 D) $85,000