In 1921, prices surged, causing a decrease in average real wages
Indicate whether the statement is true or false
False
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An increase in the cost of chicken feed will reduce the supply of eggs
a. True b. False Indicate whether the statement is true or false
In what ways does the United States have the best health care system in the world?
What will be an ideal response?
Suppose there is an early freeze in California that reduces the size of the lemon crop. What happens to consumer surplus in the market for lemons?
a. Consumer surplus increases. b. Consumer surplus decreases. c. Consumer surplus is not affected by this change in market forces. d. We would have to know whether the demand for lemons is elastic or inelastic to make this determination.
Relative to direct cash payments, in-kind transfers have the advantage of being
a. more politically popular. b. more efficient. c. more respectful of the poor. d. of a higher dollar value than cash payments.