Transfer payments are cash payments made by ________ directly to ________.
A. the government; households
B. households; firms
C. firms; households
D. firms; the government
Answer: A
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The lower the price of the good measured on the vertical axis, other thing remaining the same, the flatter the budget line
Indicate whether the statement is true or false
Suppose a victim of an accident brings the injurer to court. You are hired to determine the amount of damages
You are specifically asked to find a measure of the amount of money needed to restore the victim to the position he was in prior to the accident. What welfare measure will provide the most accurate measure of this amount? A) compensating variation B) equivalent variation C) consumer surplus D) the loss of utility
The ability of a firm to raise the price without losing all its sales to rivals is called
a. market power b. social regulation c. economic regulation d. antitrust policy e. natural monopoly
Which of the following is a positive statement? a. Increased money supply growth will lead to a higher rate of inflation
b. There are more millionaires in Uganda than in the United States. c. People watch more TV during finals week than during the rest of the term. d. All of the above are positive statements.