An in-kind transfer payment is:
A. a benefit in the form of a good or service.
B. made out of kindness.
C. less costly to provide than a cash payment.
D. a cash payment.
Answer: A
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The government collects tax revenue of $100 million and has $105 million in outlays. The budget balance is a
A) surplus of $5 million. B) deficit of $5 million. C) surplus of $105 million. D) deficit of $105 million. E) surplus of $100 million and a deficit of $105 million.
Which of the following directs the buying and selling of U.S. government securities?
a. Board of Governors. b. Federal Reserve Banks. c. Federal Open Market Committee. d. Federal Advisory Council. e. Member banks.
The fallacy of composition is the incorrect view that
a. everything else is always held constant when a change occurs. b. a small change in an economic variable will have unrecognizable but significant consequences on the economy. c. when two events are associated, the one observed first must have caused the second. d. if something is true for an individual, then it must also be true for the group.
Figure 4-3
indicates the demand (D) and supply (S) for the rental housing market in a large city. If the government imposed a price ceiling of a, which of the following would be true?
a.
The quantity of rental housing demanded would be t.
b.
The quantity of rental housing supplied would be r.
c.
There would be a shortage of rental housing.
d.
All of the above are true.