Benefit levels for the Temporary Assistance to Needy Families (TANF) are set by ________ governments.
A. municipal
B. state
C. federal
D. local
Answer: B
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Lizzie's budget line is shown in the figure above. If the price of a cookie rises, Lizzie's real income in terms of cookies ________ and her real income in terms of magazines ________
A) decreases; increases B) increases; decreases C) decreases; does not change D) increases; does not change
During the bank panics of the Great Depression the currency ratio
A) increased sharply. B) decreased sharply. C) increased slightly. D) decreased slightly.
Assume the market was in equilibrium in the graph shown. If the market price gets set to $7, which of the following is true?
A. Some producers gain surplus, but total surplus falls.
B. Some producers lose surplus, but total surplus rises.
C. Some consumers gain surplus, but total surplus falls.
D. Some consumers lose surplus, but total surplus rises.
Which of the following is true of deadweight loss?
a. It occurs when taxes are imposed on a market b. It occurs when there is a surplus in a market. c. It occurs when there is a shortage in an economy. d. It occurs when there is a budget deficit in an economy.