Government programs that protect people experiencing unfavorable economic conditions
a. free enterprise
b. traditional economy
c. incentive
d. safety net
e. socialism
Ans: d. safety net
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What will be an ideal response?
Which of the following summarizes the information provided by a Lorenz curve?
A) the Gini coefficient B) the slope (the rise divided by the run) of the Lorenz curve at a particular point on the curve C) the income distribution ratio D) the Lorenz coefficient
Suppose the price for one gallon of gasoline rises from $3.50 to $4.00 and the price of one gallon of milk rises from $3.00 to $3.20 . If the CPI rises from 120 to 132, then people likely will buy
a. more gasoline and more milk. b. more gasoline and fewer milk. c. less gasoline and more milk. d. less gasoline and fewer milk.
If a perfectly competitive firm is producing at its profit-maximizing output in the short run and fixed costs decline, the firm should
A. Use less capital but increase output by hiring more labor. B. Not change output. C. Increase output. D. Reduce output.