The biggest reform in the federal welfare system in 50 years came in 1997, when the Aid for Families with Dependent Children (AFDC) entitlement program replaced the Temporary Assistance for Needy Families (TANF) program
Indicate whether the statement is true or false
false
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According to the EPA’s first prospective study of the Clean Air Act Amendments (CAAA) of 1990,
a. these amendments do not pass the feasibility test b. the estimated present value of benefits outweigh the present value of costs c. the CAAA achieve allocative efficiency d. the present value of net benefits associated with these amendments are negative
Which one of the following is an example of discretionary fiscal policy used to correct an inflationary gap?
A) an increase in government expenditures approved by Congress B) decrease in the money supply by the Federal Reserve C) a tax increase passed into law by Congress D) an agreement among major banks to lower interest rates
If short-run economic profits are greater than zero for firms in a monopolistically competitive market, in the long run we expect:
A. entry barriers to prevent competing firms from entering this market. B. the demand curve for firms in the market to shift to the right. C. the average cost of production to decrease. D. the average cost of production to increase.
When the price of coffee is $2.2 per cup, 11 million cups are demanded, and when the price of coffee goes up to $2.6 per cup, 10 billion cups are demanded. The coffee in this range has a(n)
A. elastic demand. B. unit elastic demand. C. perfectly elastic demand. D. inelastic demand.