The ________ program was created in 1975 to provide rebates of Social Security taxes to low-income workers.
A. TANF
B. EITC
C. food stamp
D. SSI
Answer: B
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If the social cost of producing a good exceeds the private cost,
A) a negative externality exists. B) no externalities exist. C) a positive externality exists. D) the market is efficient.
When large firms in oligopoly markets cut their prices
A) we don't know for sure how rival firms will respond. B) rival firms will also cut their prices to avoid losing sales. C) rival firms will not change their prices because most of their customers have signed contracts that commit them to doing business with the same firms for the life of their contracts. D) rival firms will not cut their prices because they fear that the federal government will accuse them of collusion.
Wages and salaries are examples of:
A. labor income. B. capital income. C. consumption. D. profits.
Economists use the term imperfect competition to describe:
A. all industries that produce standardized products. B. any industry in which there is no nonprice competition. C. a pure monopoly only. D. those markets that are not purely competitive.