Measured in dollar terms, the two largest U.S. antipoverty programs are
a. cash transfers and medical care
b. cash transfers and food assistance
c. food and housing assistance
d. medical care and food assistance
e. medical care and housing assistance
A
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A consumer values a car at $30,000 and a producer values the same car at $20,000 . If a tax is levied on the seller, what level of tax will result in unconsummated transaction?
a. 0% b. 25% c. 60% d. 40%
Other things remaining unchanged, which of the following is most likely to cause an increase in the demand for personal computers?
a. A reduction in the price of personal computers b. An increase in the supply of personal computers c. An increase in the cost of computer printing ink d. An increase in the number of computer manufacturers e. A requirement by universities that all students buy personal computers
Housing is a normal good. That means
a. that most people prefer to purchase their housing rather than rent it b. that most people tend to purchase more housing if its price falls. c. that people tend to purchase more housing if their income increases d. that most people live in houses e. the people tend to purchase more housing if its price rises
Allocative efficiency involves which of the following?
a. Producing the optimal quantity of some output for a society b. Selling the minimum number of goods that a society demands c. Selling the most amount of goods at the highest sustainable price d. Producing at a level that maximizes profits and minimizes costs