What is one of the major welfare challenges today and how is it being tackled in the United States?
What will be an ideal response?
The major welfare challenge is households headed by single mothers The poorest people in the United States are young, minority women who have not completed high school, have one or more dependent children, and live without a spouse. The Temporary Assistance for Needy Families (TANF) program is the current attempt to meet this challenge. TANF is a block grant paid to the states, which administer payments to individuals. It is not open-ended. Adults receiving assistance must work or perform community service. There is a five-year limit for assistance.
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Refer to Figure 13-3. Suppose the economy is at point A. If the economy experiences a supply shock, where will the eventual short-run equilibrium be?
A) A B) B C) C D) D
A one-time tax rebate, which is not expected to be extended in future years, will
A) have a significant positive effect on consumption and aggregate demand, with aggregate demand growing by a multiple of the tax rebate. B) have no effect on consumption and aggregate demand. C) increase aggregate supply and aggregate demand. D) have a moderately positive effect on consumption and aggregate demand.
Suppose, as a result of a long-run adjustment in a perfectly competitive industry to a change in demand, price and output both fell. Therefore, demand must have __________ in this __________ industry
a. fallen; increasing cost b. fallen; decreasing cost c. increased; increasing cost d. increased; decreasing costs e. decreased; constant cost
The consumption function has two components: (1) consumption that depends on the level of income and (2)
a. permanent consumption b. transitory consumption c. autonomous consumption d. automatic consumption e. expected consumption