It has been argued that state-subsidized ____ programs have benefited the poor more than middle and upper-income quintiles
a. Medicaid
b. higher education
c. art museum
d. airport and airline subsidy
a
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Sears and Wal-Mart must decide whether to lower their prices, based on the economic profits shown in the table above. Which of the following is TRUE?
A) This situation is not a prisoners' dilemma. B) If Sears lowers its prices and Wal-Mart does not, Sears will make a $20 million economic profit. C) If Wal-Mart lowers its prices, Sears should keep its prices high. D) Both Sears and Wal-Mart would jointly be better off if they could each keep their prices high.
The reminiscences of two famous people who were born into slavery, Frederick Douglass and Booker T. Washington, include all of the following except
(a) The common custom among slave owners was to ensure that small children of slaves had the nurturing of both parents until they reached good working age. (b) Their early years were not very different from thousands of other slave children. (c) Their fathers were white men. (d) They saw their mothers infrequently, only a few times in their lives, or only sometimes in the early morning hours before their mothers went to work or late at night.
The definition of cross-elasticity of demand with regard to two products X and Y is: a. the percentage change in the quantity of X demanded divided by the percentage change in the quantity of Y demanded. b. the percentage change in the price of Y divided by the percentage change in the quantity of X demanded
c. the percentage change in the price of Y divided by the percentage change in the price of X. d. the percentage change in the demand of one good (good X) divided by the percentage change in the price of another good (good Y).
When neo-Keynesians looked at 1970s–1980s inflation and unemployment data, they found
a. not a single Phillips curve, but a set of Phillips curves b. a relatively well-behaved downward-sloping Phillips curve c. a vertical Phillips curve, which helped to explain stagflation d. a Phillips curve that was very similar to the Phillips curve of the 1960s e. a Phillips curve that behaved like a Laffer curve