If a local government gives out water filters to low-income families free of charge, the water filters are:
A. public goods.
B. private goods.
C. external goods.
D. spillover goods.
Answer: B
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If people become pessimistic about the state of the economy, the consumption function shifts upward
a. True b. False Indicate whether the statement is true or false
If the price of potato chips increases, the demand for potato-chip dip will
a. remain unchanged but the quantity demanded will increase b. increase, because the goods are substitutes c. decrease, because the goods are substitutes d. decrease, because the goods are complements e. increase, because the goods are complements
When two groups or individuals work together to resolve a problem it is called
a. negotiation b. grievance c. arbitration d. mediation
Suppose a poverty program has a basic benefit of $5,000 with zero deductions, and a marginal tax rate of 0.50. The breakeven level of income is
A. $2,500. B. $10,000. C. $15,000. D. $25,000.