Which three words or phrases can be used to describe social security?
a. in-kind transfer, welfare, means tested
b. cash transfer, social insurance, retirement income
c. in-kind transfer, low income requirement, health care service
d. cash transfer, low financial resources required, provides food
b. cash transfer, social insurance, retirement income
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If the income elasticity of demand for corn is 0.5, then as income increases
A) the demand for corn will increase. B) the demand for corn will decrease. C) corn will prove to be an inferior good. D) the supply curve of corn will shift leftward.
Another term for "don't put all your eggs in one basket" is
A) moral hazard. B) indirect finance. C) asymmetric information. D) portfolio diversification.
When an industry's raw material costs increase, other things remaining the same,
A) the supply curve shifts to the left. B) the supply curve shifts to the right. C) output increases regardless of the market price and the supply curve shifts upward. D) output decreases and the market price also decreases.
The Pat Summerall School of Diction is employing teachers such that the marginal revenue product of teachers exceeds the wage rate. The school will
a. reduce its demand for teachers b. lay off teachers c. be losing money from those teachers employed d. hire more teachers e. increase the price of diction classes