The bulk of transfer payment spending in the United States is undertaken by
A) non-profit organizations in the private sector.
B) state governments.
C) local governments.
D) the federal government.
Answer: D) the federal government.
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A local newspaper headline states "Congress Votes Against President's Proposed Tax Increase." An economist would interpret the statement as
A) a sad event, because all economists favor tax cuts. B) uninteresting, because all economists favor theories instead of reality. C) a purely political issue not related to economics. D) a shorthand way of saying, "More individuals in Congress voted against the tax cut compared to the number of individuals who voted in favor of the tax cut."
Low voter turnout occurs because:
a. many potential voters underestimate the effect of their one vote b. many potential voters see the costs of voting as greater than the benefits c. many potential voters don't realize how much they benefit from voting d. all of the above
Suppose the price elasticity of demand for a product is 1 . If a supplier wants to increase revenue, what change should it make to price, if any?
An economy is producing efficiently when all factors of production are used in their most productive capacity
Indicate whether the statement is true or false