Which of the following does NOT involve transfers in kind?
A) public housing
B) food stamps
C) Medicare
D) salaries of government employees
D
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For the purpose of analyzing the gains and losses from a tax on a good, we use tax revenue as a direct measure of the
a. government's benefit from the tax. b. government's loss from the tax. c. deadweight loss of the tax. d. overall net gain to society of the tax.
Which of these descriptions of a recession does Professor Cowen use in the video?
A. "An increase in government spending crowds out private spending and investment." B. "A negative real shock has reduced the economy's potential growth rate." C. "The fundamental factors of production are underused." D. "High inflation makes price signals hard to interpret."
Product differentiation that makes the product ________ is horizontal differentiation.
A. better than a rival's product from everyone's perspective B. less expensive to produce than the rival's product C. better for some consumers and worse for others D. more similar to the rival's product
The total cost to the U.S. of a terrorist attack occurring on its soil is
A. fully and clearly recorded in the speeches of Osama bin Laden broadcast on Al Jazeera. B. best measured by the insurance claims, since those are the costs that must be explicitly paid in dollars. C. poorly measured by economic or opportunity costs since these are usually vague and subjective. D. fully measured only by economic or opportunity costs, the highest valued opportunities foregone.