What does Temporary Aid to Needy Families (TANF) require of recipients?
What will be an ideal response?
A recipient must participate in work activities defined as employment, on-the-job training, work experience, community service or vocational training.
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The principal concept behind comparative advantage is that a nation should
A. concentrate production on those products for which it has the lowest domestic opportunity cost. B. maximize its volume of trade with other nations. C. strive to be self-sufficient in the production of essential goods and services. D. use tariffs and quotas to protect the production of vital products for the nation.
Which of the following examples would most likely be caused by a price ceiling?
a. fluctuating quantity of mid-rent apartments b. equilibrium quantity of low-income apartments c. shortages of low-income housing d. surpluses of mid-rent apartments
Economic variables that generally turn down before a recession begins and turn back up before the recovery starts are called:
A) leading indicators. B) coincident indicators. C) lagging indicators. D) none of the above.
Inflation adjusted hourly wages for the average hourly worker is _______ today than it was in 1973.
A. higher B. lower C. about the same