Which of the following is an example of technological change?
A. The personal computer
B. Starbucks coffee
C. Filet mignon
D. Ralph Lauren clothing
Answer: A
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When the government transfers resources to the poor in the form of a good or service, it is called:
A. an in-kind transfer. B. the Earned Income Tax Credit (EITC). C. Temporary Assistance to Needy Families (TANF). D. a regressive tax.
A decrease in the number of firms in a market will cause supply to increase
Indicate whether the statement is true or false
HMOs create the incentive to _____
a. minimize health care expenditures b. avoid important but expensive procedures c. enroll individuals with serious illnesses d. a and b
Economic models are only useful in analyzing government policy
A) True. Individuals are irrational and therefore economic models are useless. B) False. Economic models can be used to predict individual and firm behavior. C) True. Economists only model those questions for which they are hired. D) False. Economic models are not even useful in analyzing government policy.