Which of the following is one of the main features of our modern economy that helps ensure against a repeat performance of the Great Depression?
a. transfer payments
b. outsourcing
c. multiplier
d. personal income tax
d
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The common habit of viewing middlemen as unproductive bandits on the highway of free trade assumes
A) transaction costs are zero. B) information is a free good. C) voluntary exchange is not mutually beneficial. D) all of the above. E) none of the above.
The local pizza delivery industry currently has a Herfindahl-Hirschman index (HHI) value of 999 and two of the competing pizza shops have considered merging
Because the merger would raise the HHI by 55 points, the Federal Trade Commission would likely A) not challenge the merger. B) challenge the merger. C) allow the merger under the condition that HHI does not rise by more than 55 points as promised. D) allow the merger under the condition that the HHI remain at the premerger level of 999.
If the cost were greater than the marginal benefit of a good:
A. consumers could increase their utility by buying more. B. consumers could increase their utility by buying less. C. producers should increase production. D. social net benefit would be maximized.
Both Amy and Tom are trained as nurses. Amy makes $35,000 a year working as a nurse in an emergency room in a New York City hospital. Tom makes $20,000 working as a community health nurse in New York City. Which of the following is true?
A. Tom must be better off than Amy if he is willing to take a job at $15,000 a year less than Amy. B. From this information it cannot be determined who is better off because income is an imperfect measure of well-being. C. Even though income is an imperfect measure of well-being, Amy and Tom must be equally well off because either is free to switch jobs. D. Tom is clearly worse off than Amy, because he earns $15,000 a year less.