Which of the following is NOT related to the government's political function of income redistribution?
A. providing money transfer payments
B. in-kind transfers
C. Social Security
D. excise tax on cigarettes
Answer: D
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Suppose the daily demand for Coke and Pepsi in a small city are given by QC = 90 - 100PC + 400(PP - PC) and QP = 90 - 100PP + 400(PC - PP), where QC and QP are the number of cans Coke and Pepsi sell, respectively, in thousands per day. PC and PP are the prices of a can of Coke and Pepsi, respectively, measured in dollars. The marginal cost is $0.45 per can for both Coke and Pepsi. If PP = $0.75, what is Coke's demand function?
A. QC = 90 - 400PC B. QC = 390 - 500PC C. QC = 390 - 400PC D. QC = 465 - 400PC
GDP measures the output produced by all of a country's resources
a. True b. False
Given the characteristics: (1) many buyers and sellers, (2) free entry and exit, (3) perfect information, and (4) heterogeneity of products, monopolistic competition and perfect competition share
A. (1) and (4). B. (1), (2), and (3). C. (2) and (4). D. (2), (3), and (4).
What would be an example of an implicit cost of production?
a. the cost of a delivery truck in a business that rarely makes deliveries b. the cost of employee training programs c. the cost of raw materials for producing bread in a bakery d. the cost of lost income an entrepreneur could have earned working for someone else