Which statement is true?
A. Welfare payments are set by the federal government and are the same for all states.
B. Only the industrial states of the northeast, Midwest, and the far west have welfare programs.
C. Most people receiving welfare benefits are black.
D. Each state sets its own welfare payments.
D. Each state sets its own welfare payments.
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A producer is said to have a comparative advantage in the production of a good when:
A) the producer has a higher opportunity cost than another producer. B) the producer can produce more units of the good per hour than another producer. C) the producer has a lower opportunity cost than another producer. D) the producer charges a higher price for the good than the other producers.
The total cost function is TC = Q3 - 6Q2 + 14Q + 75. When does diminishing returns to production set in?
What will be an ideal response?
Consumer surplus is the amount a buyer is willing to pay for a good minus the amount the buyer actually has to pay for it.
Indicate whether the statement is true or false.
Which of the following is responsible for invoking the Fed's emergency powers?
A. FOMC B. a majority of the Federal Reserve Bank presidents C. Board of Governors D. Fed Chairman