A preliminary conclusion about welfare reform is that
a. work requirements do seem to yield substantial declines in welfare caseloads
b. work requirements cause welfare caseloads to increase
c. such reform can only be instituted when the economy is strong
d. welfare can be reformed even when the economy is weak
e. welfare rolls decline faster when the economy is weak because more people need income during those times
A
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The economy's marginal social benefit curve for a public good is obtained by
A) horizontally summing each individual's demand curve. B) horizontally summing each individual's marginal benefit curve. C) vertically summing each individual's marginal benefit curve. D) averaging each individual's marginal benefit curve.
In the long run,
a. higher consumption spending means a larger capital stock and a higher standard of living b. higher investment spending means higher interest rates c. higher investment spending means a larger capital stock and a higher standard of living d. higher interest rates means higher consumption spending e. higher government spending means a larger capital stock and a higher standard of living
Private contracts between parties with mutual interests
a. will reduce the well-being of society. b. will lead to market outcomes in which the public interest is sacrificed for personal gain. c. can solve some inefficiencies associated with positive externalities. d. will create negative externalities.
Which of the following is NOT a basis for the Taylor-rule guideline for how the Federal Reserve should set its target value for the federal funds rate?
A. the gap between actual real GDP and a measure of potential real GDP B. an estimated long-run real interest rate C. the current deviation of the actual inflation rate from the Fed's inflation objective D. the present deviation of the actual unemployment rate from the Fed's unemployment objective