The government (G) category of gross domestic product (GDP) excludes welfare and other transfer payments
a. True
b. False
Indicate whether the statement is true or false
True
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The figure above illustrates the bagel market. Which of the following statements is correct?
A) With a price ceiling of $1.00 per bagel, the price of a bagel is $1. B) With a price ceiling of $3.00 per bagel, the price of a bagel is $2. C) With no government intervention, the equilibrium price of a bagel is $2. D) Only answers A and B are correct. E) Answers A, B, and C are correct.
The figure above shows the relationship between study time and the number of problems worked. The curve becomes less steep because as you study more,
A) study time becomes less effective. B) study time becomes more effective. C) the number of problems worked increases. D) the number of problems worked decreases. E) the relationship between study time and the number of problems worked changes from direct to inverse.
Which of the following is a transfer payment?
A) Social Security payments B) the food stamp program C) a tax deduction D) an income tax credit
According to the law of demand, if
a. price increases, quantity demanded decreases b. people's income increases, quantity demanded increases c. price increases, quantity demanded increases d. people's income increases, quantity demanded decreases e. demand increases, supply will increase