The earned income tax credit (EITC) has been a successful anti-poverty policy by encouraging participation in the workforce.
Answer the following statement true (T) or false (F)
True
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Considering the information in the table shown, if Jack consumes 3 popsicles and 1 ice cream cone, then:
This table shows the different combinations of goods that Jack can consume, given that his income to spend on these two items is $10.
A. Jack still has $5 left to spend.
B. the price of ice cream must have increased to $8.
C. the price of popsicles must have decreased.
D. None of these is true.
?Self-interest relates to
A) only monetary objectives.
B) both monetary and nonmonetary objectives.
C) the ceteris paribus assumption.
D) normative economic analysis and not positive economic analysis.
Which of the following examples illustrates the circular flow model?
a. Marie buys flour at a store and uses it to bake a cake for the manager of the store. b. Brenda buys hand lotion and uses it to reduce the dryness of her hands. c. Terence buys an RBD computer, and RBD uses the revenue to purchase material to make more computers. d. Charles buys 24 cookies at a bakery, and the bakery donates part of the money to charity.
Table 1.2 shows the hypothetical trade-off between different combinations of Stealth bombers and B-1 bombers that might be produced in a year with the limited U.S. capacity, ceteris paribus.Table 1.2Production Possibilities for BombersCombinationNumber of B-1 BombersOpportunity cost(Foregone Stealth)Number of Stealth BombersOpportunity cost (Foregone B-1)A20NA195 B35 180 C45 150 D50 100NARefer to Table 1.2. In the production range of 20 to 35 B-1 bombers, the opportunity cost of producing 1 more B-1 bomber is
A. 15 Stealth bombers. B. 1 Stealth bomber. C. 195/20 of Stealth bombers. D. 35/20 of Stealth bombers.