Medicaid, welfare payments, and Temporary Assistance to Needy Families are classified as
A) unilateral payments.
B) transfer payments.
C) gifts.
D) income redistribution payments.
Ans: B) transfer payments.
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The market supply curve indicates the
A. maximum prices that buyers are willing and able to pay for the product. B. total revenues that sellers would receive from selling various quantities of the product. C. minimum acceptable prices that sellers are willing to accept for the product. D. total amount that buyers will pay in buying a given quantity of the product.
Suppose a country's labor supply increases in a year while its capital stock remains constant. Which of the following is likely to happen in this case if output is a function of capital and total efficiency units of labor?
A) Its total output will increase. B) Its total output will decrease. C) Its output per capita will decrease. D) Its total output will remain constant.
The segmenting of customers into several small groups such as household, institutional, commercial, and industrial users, and establishing a different rate schedule for each group is known as:
a. first-degree price discrimination b. market penetration c. third-degree price discrimination d. second-degree price discrimination e. none of the above
In the market for labor:
A. individuals make up the demand. B. firms create the supply. C. the price in the market is the wage. D. individuals are never paid above their productivity.