Refer to Figure 34.3. If a welfare recipient did not work, he or she would receive welfare benefits of
A. $0.
B. $5,000.
C. $1,000.
D. $10,000.
Answer: D
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A financial intermediary accepts deposits from savers and makes loans to borrowers
a. True b. False Indicate whether the statement is true or false
Suppose that Janis is maximizing her total utility from chairs and tables. If the marginal utility of the last table she purchased is 200 utils, and the prices of chairs and tables are $50 and $100, respectively, then the marginal utility of the last chair she purchased
a. is 100 utils b. is 400 utils c. is 200 utils d. is 50 utils e. cannot be determined without more information
Along its long-run total cost curve, a firm is producing
a. at the output level for each plant size that has the lowest cost b. at the minimum points of its various total cost curves c. each level of output using the input mix that has the lowest cost d. each level of output using the fewest possible inputs e. at the output level for each plant size that uses the fewest possible inputs
Money serves as a store of value, which means:
a. it acts as an intermediary between the buyer and the seller. b. it will still hold its value. c. it is the ruler by which other values are measured. d. it must also be acceptable to make purchases today that will be paid in the future.