In 1996, the Personal Responsibility Act:
A. increased the federal minimum wage.
B. established the earned income tax credit (or EITC).
C. placed a five-year lifetime limit on welfare payments to any given recipient.
D. transferred responsibility for welfare programs from the state to the federal level.
Answer: C
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Robinson Crusoe divides his time between catching fish and gathering fruit. Part of his production possibilities frontier is given in the above table
If Mr. Crusoe is on his PPF and he increases the amount of fruit he gathers from 56 to 90 pounds, the opportunity cost is A) 37 pounds of fish. B) 31 pounds of fish. C) 17 pounds of fish. D) 34 pounds of fruit. E) 90 pounds of fruit.
In response to an increase in the wage rate, the income effect will usually cause a person to
A) supply fewer hours of labor. B) supply more hours of labor. C) supply the same hours of labor. D) have a horizontal labor supply curve.
In a certain economy, when income is $500, consumer spending is $375 . The value of the multiplier for this economy is 5 . It follows that, when income is $510, consumer spending is
a. $381.67. b. $378. c. $383. d. $383.33.
A consumer will achieve the highest level of utility possible when she consumes
A. at a point to the left of the budget constraint. B. at the point at which the indifference curve crosses the budget constraint. C. just below the point where the indifference curve crosses the budget constraint. D. at the point at which the highest indifference curve is tangent to the budget constraint.