The welfare program earmarked for the purchase of only some goods (and not others) accepted primarily at retail stores and supermarkets is known as
a. food stamps
b. AFDC
c. Medicaid
d. Medicare
e. Social Security
A
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In the figure above, the quantity of sugar beets produced is ________ million tons per year, and the quantity bought by consumers is ________ million tons per year
A) 30; 20 B) 20; 30 C) 25; 20 D) 20; 25 E) 25; 25
The figure above shows the costs associated with producing paper. When paper is produced, there is some pollution runoff into a lake. If paper production is 4 tons per week, the outcome is ________
A) efficient because marginal benefit equals marginal private cost B) efficient because private and external costs are accounted for C) inefficient because only marginal external benefits are accounted for D) inefficient because marginal social cost exceeds marginal social benefit
Using the midpoint method, the price elasticity of demand for a good is computed to be approximately 0.75 . Which of the following events is consistent with a 10 percent decrease in the quantity of the good demanded?
a. a 7.5 increase in the price of the good b. a 13.33 percent increase in the price of the good c. an increase in the price of the good from $7.50 to $10 d. an increase in the price of the good from $10 to $17.50
Which of the following will increase a country's real GDP per person?
a. imposing restrictions on foreign trade and foreign investment b. imposing restrictions on foreign trade and reducing restrictions on foreign investment c. reducing restrictions on foreign trade and imposing restrictions on foreign investment d. reducing restrictions on foreign trade and foreign investment