In-kind transfer programs such as Medicaid have increased more rapidly than other welfare programs over the last decade
a. True
b. False
A
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Refer to the figure above. Social welfare will be maximized if ________ units of Good Y are produced
A) 9 million B) 20 million C) 13 million D) 16 million
Suppose that the quantity of pizza demanded decreased by 15 percent after an increase in price of 10 percent. What is the price elasticity of demand for pizza?
A) 1.50 B) 0.67 C) -1.50 D) -0.67
For most consumers, the process of learning about the efficiency and durability of various brands of refrigerators can be considered
a. irrational b. unproductive c. a vocation d. nonmarket work e. costless
Susan says, "If the price of wool coats goes up, suppliers will offer more of the coats for sale." Brad replies, "It takes three months to harvest wool and employ all the steps necessary to produce a wool coat. Quantity supplied cannot possibly increase for three months." Is Brad correct? Why or why not?