Which of the following statements is correct?
a. Followers of the liberalism political philosophy believe that society should maximize the total of individual utilities.
b. The poverty line is adjusted for regional differences in the costs of raising children.
c. One advantage to the Earned Income Tax Credit (EITC) is that it benefits the working poor.
d. Libertarians pursue policies to redistribute income from the rich to the poor.
c
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The difference between the ________ for a good and the ________ is called consumer surplus
A) lowest price a consumer is willing to pay; price the consumer actually pays B) highest price a consumer is willing to pay; price the consumer actually pays C) highest price a consumer is willing to pay; lowest price a consumer is willing to pay D) price the consumer actually pays; actual cost to the producer
Suppose that the United States decided to subsidize a major competitive effort by the semiconductor industry to bring to market the next generation computer chip. Under the current rules of the WTO and GATT, the U.S. effort is
A) allowed as long as the subsidies are a small percent of the total cost. B) allowed as long as the subsidies do not involve a direct payment to the industry. C) not allowed. D) neither allowed nor disallowed. E) allowed as long as the subsidies do not succeed in creating a new product.
McKeown's (1976) research attributed the majority of the secular decline in mortality rates in Europe and North America to
a. better nutrition and housing. b. improved sanitary conditions. c. clean water and waste disposal. d. reduced exposure to diseases. e. better medical care.
Who was the economist that began modern macroeconomics?
a. Adam Smith b. Paul Samuelson c. Milton Friedman d. John Maynard Keynes e. Ben Bernanke