Social welfare is
a. a government program through which society takes care of low-income people
b. the overall well-being of people in the economy
c. measured by spending on party supplies, restaurant meals, and movie tickets
d. applies to sociology, not economics
e. All the answers are correct.
B
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You are likely to think that the relative price of your good has risen and you should increase your output if you expected
A) the inflation rate to be 10% and the price of your good rose 7%. B) the inflation rate to be 10% and the price of your good rose 10%. C) the inflation rate to be 10% and the price of your good rose 13%. D) the inflation rate to be 0% and the price of your good fell 10%.
When a market consists of many small firms, it:
A. cannot be a monopoly. B. must be a perfectly competitive market. C. cannot be a monopolistically competitive market. D. can only be an oligopoly.
Social Security payroll taxes are examples of
a. progressive taxation. b. regressive taxation. c. proportional taxation. d. marginal taxes.
If the price of a product is above equilibrium, what forces it down?
What will be an ideal response?