Temporary Assistance to Needy Families is a government program with the goal of:
A. redistribution.
B. economic growth.
C. social insurance.
D. None of these is true.
C. social insurance.
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A temporary decrease in government purchases in the classical model would
A) shift the production function to the left. B) shift the marginal product of labor curve to the right. C) shift the labor demand curve to the left. D) shift the labor supply curve to the left.
During the short-run period of the production process, a firm will be:
a. unable to vary any of its factors of production. b. able to vary some of its factors of production. c. able to vary all of its factors of production. d. able to vary the size of its plant.
The term self-interest, as viewed by economists, means that:
a. consumers never pay more for a good simply because it carries a certain designer label. b. only economists are capable of making choices according to rational self-interest. c. people never act in their self-interest until they have perfect information. d. consumers always seek the least expensive option when making a purchase, regardless of individual preferences. e. people make choices that, given the information available, gives them the greatest amount of satisfaction.
The inflation rate is a:
a. percentage decrease in price level. b. percentage increase in price level. c. sustained increase in relative prices. d. sustained decrease in relative prices. e. sudden increase in the weighted average of all prices.