Since the early 1970s, welfare benefits have declined,
a. which is largely due to the success of the negative income tax program.
b. which is largely due to the success of private charities.
c. yet the percentage of children living with only one parent has increased.
d. and the percentage of children living with only one parent has decreased.
c
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"The recent availability of satellite television has reduced the price of cable television subscriptions." Based on this statement, what may be concluded about price, cross-price, or income elasticity of demand?
What will be an ideal response?
Does it make sense to consider the returns to scale of a production function in the short run?
A) Yes, this is an important short-run characteristic of production functions. B) Yes, returns to scale determine the diminishing marginal returns of the inputs. C) No, returns to scale is a property of the consumer's utility function. D) No, we cannot change all of the production inputs in the short run.
A remarkable feature of the Four Tigers is that economic growth occurred with:
a. no inflation b. high inflation c. a relatively equal distribution of income d. an unequal distribution of income e. none of the above
College-age athletes who drop out of college to play professional sports
a. are not rational decision makers. b. are well aware that their opportunity cost of attending college is very high. c. are concerned more about present circumstances than their future. d. underestimate the value of a college education.