Means-tested programs tend to favor
a. those with high income as would a consumption tax.
b. those with high income while a consumption tax would favor those with low income.
c. those with low income as would a consumption tax.
d. those with low income while a consumption tax would favor those with high income.
d
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A coffee shop sells a small cup of coffee at $3, while a large cup, which is twice as big, at $5. This is an example of
A) first-degree price discrimination. B) second-degree price discrimination. C) third-degree price discrimination. D) actual cost differences.
When perfectly competitive firms in an industry are earning positive economic profits, a. we would expect entry into the industry
b. we would expect stability in the industry, since it is in long run equilibrium. c. we would expect exit from the industry. d. we do not know whether there would tend to be entry, exit, or stability in the industry.
Which of the following examples is most typical of monopolistic competition?
a. ARD, Inc. competes with six other firms in the paper towel market. b. Tropics, Inc. is the only producer of guava in the international market. c. Glow, Ltd. and SolarMax, Inc, are the two major producers of solar panels. d. TropicFreeze, Inc. remains the sole producer of papaya ice cream.
Using Figure 1 above, if the aggregate demand curve shifts from AD1 to AD2 the result in the long run would be:
A. P1 and Y2. B. P2 and Y2. C. P3 and Y1. D. P2 and Y3.