To say that a given welfare program is means-tested implies that:
A. in order to qualify, one must show that one means to find a job.
B. the more income one earns, the smaller the size of the benefit.
C. in order to qualify, one must have the means.
D. the size of the payment reflects the mean value of consumption based on family size.
Answer: B
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If the real wage rate is such that the quantity of labor supplied is greater than the quantity of labor demanded
A) the economy is at full employment. B) actual real GDP will not equal potential GDP. C) job search decreases. D) labor resources are allocated efficiently.
An unexpected event that causes the aggregate demand curve to shift inward or outward is an
A) aggregate demand shock. B) aggregate supply shock. C) aggregate supply increase. D) aggregate supply decrease.
A political leader suggesting that an economic downturn will be cushioned by nondiscretionary fiscal policy is referring to
A. tax policy and spending policy. B. interest rates and tax rates. C. interest rates and the money supply. D. a progressive income tax and a welfare state.
Where there are spillover (or external) benefits from having a particular product in a society, the government can make the quantity of the product approach the socially optimal level by doing the following except
A. subsidizing the buyers of the product. B. subsidizing the sellers of the product. C. taxing the sellers of the product. D. providing the product itself.