The most important item in the public assistance (welfare) package is
a. Aid to Families with Dependent Children
b. Medicaid
c. Medicare
d. food stamps
e. housing subsidies
B
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Which of the following statements is true?
A) Network effects act as barriers to entry in a market. B) Economies of scale act as incentives for new firms to enter a market. C) If a firm is enjoying economies of scale, then its product must have network effects. D) If a firm's product has network effects, then the firm must be enjoying economies of scale.
Those economists who believe that monetary policy is more powerful than fiscal policy argue that the
a. LM curve is vertical. b. IS curve is horizontal. c. interest rate elasticity of investment is large. d. interest rate elasticity of investment is small.
Which expression below matches most closely the way economists go about testing their models?
A) "Consistency is the hobgoblin of small minds." B) "Seeing the results is the only way to know if you are right." C) "A bird in the hand is worth two in the bush." D) "In the long run we are all dead."
Why is starting to save money early in life beneficial?
a. Compound interest has a longer time to accumulate. b. Banks offer higher interest rates to long-term customers. c. Cash is the safest and most liquid financial resource. d. Interest earned in a savings account is tax-free.