For people with very low incomes, the Earned Income Tax Credit operates like a(n):
A. lump sum transfer.
B. wage subsidy.
C. in-kind transfer.
D. tax on wages.
Answer: B
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The accompanying figure shows the production possibilities curve for the island of Genovia:
The opportunity cost of producing one ton of agricultural products in Genovia is:
A. 1/50 of a car. B. 1/5 of a car. C. 1 car. D. 1,000 cars.
If the price of train rides is 1 and the price of food is 10, and the MRS of food for train rides expressed by Karl is 5, is Karl a utility maximizer? How do you know? If Karl is not maximizing, what should he do to improve his situation?
What will be an ideal response?
Goods A and B are substitutes. If the price of good A falls, the marginal revenue product of good B
A) will not change. B) will shift out. C) will become more inelastic. D) will shift in.
Refer to the information provided in Table 8.2 below to answer the question(s) that follow.
Table 8.2 
Refer to Table 8.2. If Sherry produces five pairs of earrings, her total costs are
A. $320. B. $360. C. $370. D. $400.