The Food Stamp program provides
a. quality labels on food
b. cash transfers to the poor
c. cash transfers to the elderly
d. vouchers that can be redeemed for food
e. food deliveries to the elderly
D
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When actual output equals potential output there is ________ output gap and the rate of inflation will tend to ________.
A. an expansionary; increase B. no; remain the same C. an expansionary; decrease D. a recessionary; increase
Since 1950, expansions in the United States have become ________, while recessions have become ________
A) shorter; shorter B) shorter; longer C) longer; longer D) longer; shorter
How does the imposition of a tariff reduce the price of imports?
a. At the lower quantity supplied, the price to the importer is lower than if there were free trade. b. At the lower quantity demanded, the price to the importer is lower than if there were free trade. c. Supply of the product is increased from domestic production, reducing the price of the imports. d. Demand for the product is decreased, so that price must fall.
If consumer purchases of a good are highly sensitive to the price of the good, this is illustrated by a
a. demand curve that is relatively flat (more horizontal). b. demand curve that is relatively steep (more vertical). c. supply curve that is relatively flat (more horizontal). d. supply curve that is relatively steep (more vertical).