When a person who receives welfare benefits earns income, those benefits are reduced as earned income rises. This is referred to as
a. an implicit marginal tax.
b. the opportunity cost of income.
c. the work-leisure trade-off.
d. reverse discrimination.
A
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The natural rate of unemployment (i) is the economy's desirable level of unemployment. (ii) arises from a single problem that has a single solution. (iii) is the amount of unemployment that does not go away on its own
a. (i) and (ii) only b. (iii) only c. (i), (ii), and (iii) d. None of the above is correct.
Which statement is true?
A. Mass production can take place without mass consumption. B. Mass consumption can take place without mass production. C. Mass production can take place without mass consumption and mass consumption can take place without mass production. D. Mass production cannot take place without mass consumption, nor can mass consumption take place without mass production.
Willingness to pay measures
A) the maximum price a buyer is willing to pay for a product minus the amount the buyer actually pays for it. B) the amount a seller actually receives for a good minus the minimum amount the seller is willing to accept for the good. C) the maximum price that a buyer is willing to pay for a good or service. D) the maximum price a buyer is willing to pay minus the minimum price a seller is willing to accept.
The absence of unexpected shocks, the economy will tend to experience:
A. positive, noninflationary growth. B. no changes in output or prices. C. positive growth with mild amounts of deflation. D. positive growth with mild amounts of inflation.