The Earned Income Tax Credit is a federal program that
A. provides cash assistance to the nonworking poor.
B. provides in-kind assistance to minimum wage workers.
C. provides cash assistance to firms that hire single mothers living in poverty.
D. increases wages for the working poor.
E. increases the wages of minorities.
Answer: D
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Which of the following is TRUE of the activities of ticket scalpers?
A) These activities cannot generate profits for the scalpers unless ticket prices are currently below market clearing levels. B) These activities help reduce the quantities of excess tickets supplied for events in which ticket surpluses currently exist. C) Engaging in these activities enable scalpers to push the price above the market clearing level. D) Engaging in these activities enable scalpers to push the price below the market clearing level.
A roller coaster operator produces thrill-packed rides using electricity and a roller coaster. For the roller coaster operator, electricity is
a. an opportunity cost. b. a variable cost. c. a fixed cost. d. a sunk cost.
If reserves increase by $7 million and the required reserve ratio is 12%, what is the resulting change in checkable deposits (or the money supply), assuming that there are no cash leakages and that banks hold zero excess reserves?
A) $0.84 million B) $7.95 million C) $5.83 million D) $58.33 million
As it relates to corporations, the principal-agent problem is that:
A)the goals of the corporate managers (the agents) may not match the goals of the corporate owners (the principals). B) it is costly for the corporate owners (the principals) to obtain a corporate charter from government (the agent). C) the goals of the corporate managers (the principals) may not match the goals of the corporate owners (the agents). D) the federal government (the agent) taxes both corporate profits and the dividends paid to stockholders (the principals).