In 2005, SSI recipients received more than twice the average monthly payment than TANF recipients got
Indicate whether the statement is true or false
T
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The slope of a typical isoquant is negative because to produce a given output, a producer
A) can use less of one input only if the productivity of that input increases B) will use more of one input only if the price of that input falls. C) will use more of one input only if it uses more of another. D) can use less of one input only if it uses more of another.
Competition results in the efficient product mix because
A) producers are setting MRT equal to minus the price ratio while consumers are setting MRS equal to minus the price ratio ensuring that MRT will equal MRS. B) consumers are on the contract curve. C) the slope of the production possibility frontier will equal the slope of the contract curve. D) the distribution of the final output is Pareto efficient.
Chicken and fish are substitutes. Therefore, the cross elasticity of demand between chicken and fish should be: a. negative
b. positive. c. zero. d. All of the above are possible.
Which of the following is an accurate statement about supply-side policy?
A. The aggregate supply curve should be left alone. B. The aggregate supply curve should be shifted to the right during periods of inflation and to the left during a recession. C. The aggregate supply curve should be shifted to the right during periods of both inflation and recession. D. The aggregate supply curve should be shifted to the left during periods of inflation and to the right during a recession.