Economists favor a negative income tax because they believe
a. that it will create more jobs for economists to monitor the program.
b. the current welfare programs have excessively high work incentives, which result in less total work.
c. it is more efficient than the existing welfare system because NIT provides better work incentives.
d. All of the above are true.
c
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Shoe leather costs include the ________ due to the more frequent trips to the bank, the new cash management systems and the expanded employment in banks that inflation causes.
A. deflating and indexing that are necessary B. redistribution that occur C. time and effort that are used up D. substitution and price adjustment biases that arise
A "bad" would be associated with:
A. zero marginal utility. B. a very small amount of marginal utility. D. positive marginal utility.
GDP can be calculated by summing:
A. consumption, investment, government purchases, exports, and imports. B. consumption, investment, government purchases, and net exports. C. consumption, investment, wages, and rents. D. consumption, investment, government purchases, and imports.
In the real world the expenditure approach to calculating GDP does not always equal the income approach. Explain why
What will be an ideal response?