Which of the following statements is not correct?
a. Welfare programs may encourage illegitimate births.
b. The decline in welfare benefits since the 1970s has been associated with a decline in the percentage of children living with a single parent.
c. Welfare programs may reduce incentives for people to work.
d. A negative income tax program uses tax revenues collected from high-income families to provide cash subsidies to low-income families.
b
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In the United States, currency in circulation is the largest component of the M1 money supply
a. True b. False Indicate whether the statement is true or false
Draw a graph with food on the horizontal axis and shelter on the vertical axis.A. Now sketch in a budget line such that the relative price of food to shelter is 2, the absolute price of shelter is 10, and the nominal income level is $100. Label the budget line A.B. Next, the nominal income stays the same, the absolute price of shelter is cut in half, and the absolute price of food is unchanged. Sketch in the new budget line and label it B.C. Next, the absolute prices are where they were when the problem started and the nominal income increases to 150. Draw a new budget line for this data and label it C.D. Next, the nominal income is again $100, the relative prices are as they were at the beginning and the absolute prices are cut in half. Draw a new budget line on the graph and label it
D.E. Next, the absolute price of shelter falls to $5 and the absolute price of food and the income stay where it was at the beginning. The relative price of food to shelter also stays at 2. Explain why this is a logical contradiction. What will be an ideal response?
After some point successive equal increases in a variable factor of production, when added to a fixed amount of inputs, will result in smaller increases in output. This is known as
A) the long run. B) the law of diminishing marginal product. C) marginal physical product. D) short run average cost.
The City Council of Happy Village is thinking about imposing rent controls. If they put rent controls in place, which constituency are they trying to please?
A. existing tenants B. landlords C. all taxpayers D. all voters