From 2002-2004, the earned income tax credit ________ the poverty rate among participants.
A. slightly increased
B. decreased
C. had little to no effect on
D. more than doubled
Answer: B
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Positive economics
a. postulates a relationship that is potentially refutable and then seeks to determine whether the stated relationship is correct. b. uses value judgments to determine which policy alternatives should be chosen. c. is of no use to policy makers because it reflects the value judgments of the researcher. d. is the scientific study of "what ought to be" among economic relationships.
A manager is attempting to assess the probability of a recession ending in the next six months, and its impact on expected profitability. The manager believes there is a 75 percent chance the recession will end in six months and profits will return to $400 million. However, there is a 25 percent chance the recession will not end in six months, resulting in a $5 million loss. The standard deviation of profits over the next six months is:
A. $320.18 million. B. $286.39 million. C. $0 million. D. $175.37 million.
The Federal Reserve raises the discount rate. This would be an example of:
a) easy fiscal policy b) tight monetary policy c) offensive monetary policy d) tight fiscal policy e) easy monetary policy
The above figure shows a perfectly competitive firm. If the market price is more than $20 per unit, the firm
A) will definitely shut down to minimize its losses. B) will stay open to produce and will make zero economic profit. C) will stay open to produce and will incur an economic loss. D) will stay open to produce and will make an economic profit. E) might shut down but more information is needed about the fixed cost.