The direct transfer of goods and services rather than cash is known as
A. Poverty support.
B. In-kind transfers.
C. Welfare income.
D. Transfer payments.
Answer: B
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Refer to the table below. Suppose the profit for each unit of paper product is $3.00 and the profit for each unit of lumber is $13.50 and Big Oaks is producing the profit-maximizing quantity of lumber and paper products. If the profit from each unit of lumber increases from $13.50 to $15.00 and the profit for each unit of paper products does not change, to maximize profit, Big Oaks should produce
a ________ proportion of lumber and produce ________ units of paper products and lumber.
Big Oaks can produce either paper products or lumber with each tree that they harvest. Because Big Oaks can adjust the amount of paper products and lumber they produce from the harvested trees, paper products and lumber are produced in variable proportions. The above table summarizes Big Oaks production possibilities from each harvested tree.
A) smaller; less
B) smaller; more
C) greater; more
D) greater; less
Net taxes are indirect business taxes plus transfer payments
a. True b. False Indicate whether the statement is true or false
The supply curve for a monopolist, in the short run, is defined in the same way as that for a competitive firm: it is the portion of the marginal cost curve above average variable cost
a. True b. False Indicate whether the statement is true or false
Which of the following statements is FALSE regarding the definition of poverty?
A) A threshold income level is used to define poverty. B) Adjustments to the poverty level are made on the basis of changes in the Consumer Price Index. C) Real incomes in the United States have been growing at a compounded annual rate of almost 2 percent per capita. D) Poverty cannot be defined in relative terms.