Use the following table to answer the question below. Dave's Production Possibilities ScheduleSimon's Production Possibilities SchedulePounds of Green BeansPounds of CornPounds of Green BeansPounds of Corn0160080201204060408080406040120208001600The terms of trade for 1 pound of corn must lie between ________ and ________ pounds of green beans.
A. 1, 4
B. 1, 2
C. 1/2, 2
D. 1/2, 4
Answer: C
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Welfare reform in the U.S. was designed to change an entitlement program into a program that __________.
a. requires work in exchange for assistance for a limited time b. encourages those with lessor abilities to remain out of the work force c. helps low income families retain a sense of community
The program of unemployment insurance in the United States was created during the
a. Great Depression. b. Reagan recession. c. Kennedy administration. d. Great Society.
The income elasticity of demand for an addictive substance is always positive
a. True b. False Indicate whether the statement is true or false
When demand and supply both increase, equilibrium price will _________ and equilibrium quantity will _________.
A. increase; increase B. decrease; increase C. remain the same; increase D. Any of these answers are possible