Describe four of the five major income maintenance programs in the United States that were discussed in the text
What will be an ideal response?
Answer: The Social Security program has helped maintain income for the elderly, while the Supplemental Security Income and Temporary Assistance to Needy Families have provided benefits for those who do not qualify for Social Security. Food stamps subsidize food consumption for many people, and the Earned Income Tax Credit Program provides rebates of Social Security taxes to low-income workers.
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General equilibrium analysis is different from partial equilibrium analysis in that general equilibrium analysis
A) explicitly takes feedback effects into account and partial equilibrium analysis does not. B) does not take into consideration specific problems, but partial equilibrium analysis does. C) takes into consideration specific problems, but partial equilibrium analysis does not. D) allows one to arrive at a specific conclusion, but partial equilibrium analysis does not.
Buffalo in the United States almost became extinct while cattle, an animal that provides similar products, never has been close to extinction. The difference is due to
A) the greater marginal value of a head of cattle relative to buffalo, leading to over-hunting of buffalo. B) the greater marginal value of a buffalo relative to a steer, leading to the overharvesting of buffalo. C) cattle existing in Europe also while buffalo were specific to North America. D) the use of private property rights on cattle and common property rights on buffalo.
Real-wage unemployment is:
A. a mismatch between the skills workers can offer and the skills that are in demand. B. unemployment caused by workers who are changing their location, job, or career. C. the effect of wages remaining persistently above the market-clearing level. D. also called cyclical unemployment.
MRP represents what the marginal physical product is worth
a. True b. False Indicate whether the statement is true or false