Setting time limits on welfare eligibility will increase the incentive to work.
Answer the following statement true (T) or false (F)
True
Recipients can currently receive benefits for only five years, strongly encouraging them to find work before the five-year period elapses.
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Refer to the data. When two workers are employed:
A. total product is 20.
B. total product is 18.
C. average product is 10.
D. total product cannot be determined from the information given.
Suppose someone knew that the probability of incurring a $10,000 medical expense was 5%, and the odds of being healthy and incurring no expenses was 95%. If they used that information to compare the expected cost to them ($500) with the $500 premium it would cost to get full coverage and decided to buy the insurance, but only if the price went no higher then economists would say, they are
A. risk-neutral. B. risk-loving. C. risk-averse. D. irrational.
Refer to the below graph. Comparing a monopsony against a purely competitive labor market, the difference in the equilibrium wage rate will be:
A. W0 - W1
B. W1 - W2
C. W2 - W3
D. W1 - W3
Inflation rates in the U.S. reached double-digit rates in the:
A. 1960's B. 1970's C. 1990's D. 2000's