A goal of income transfer programs is to do all of the following except
A. Change how output is produced.
B. Change the mix of output.
C. Alter the distribution of income.
D. Reduce income inequalities.
Answer: A
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If total Fed assets __________, then reserves have to __________, everything else being equal
A) fall; rise B) rise; fall C) fall; fall D) None of the above.
Which of the following statements regarding economic regulation is TRUE?
A) Economic regulation has failed by insisting that firms must be allowed to earn a normal rate of return. B) Rate-of-return regulation has been much more effective than cost-of-service regulation. C) Economic regulation deals only with rates of return, and not with prices. D) Economic regulation deals mainly with prices firms charge, but firms can alter their return by altering quality of service, effectively raising the price per constant-quality-unit.
Which of the three basic economic questions deals with choosing the correct mix of output?
A.) What to produce. B.) How to produce. C.) For whom to produce. D.) How much to charge.
The U.S. Postal Service printed 150,000 sheets of a stamp depicting Bill Pickett, but recalled them when the USPS realized the image on the stamp was Bill's brother, Ben, instead. They were unable to recall 183 sheets that had already been sold. The effect of this recall was to:
A. drastically reduce the supply of the Bill Pickett stamps, causing their equilibrium price to fall. B. have no effect on either supply of or demand for the Bill Pickett stamps because there is no market for them. C. drastically reduce the supply of the Bill Pickett stamps, causing their equilibrium price to rise. D. drastically reduce the demand for the stamps, causing their equilibrium price to fall.