Which of the following accounts for approximately three-fourths of all welfare spending?
a. the school lunch program
b. the earned income tax credit
c. unemployment compensation and workers' compensation combined
d. "in-kind" transfers
e. cash transfers
D
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Suppose that the sub sandwich business is a competitive, constant-cost industry. An increase in demand for sub sandwiches, will, in the long-run lead to
a. an increase in price and industry output, but no increase in the output of existing firms. b. no increase in price, no increase in the output of existing firms but an increase in industry output because of new firms. c. no increase in price and an increase in industry output as each existing firm produces more. d. no changes in price, output of existing firms or the number of firms in the industry.
The data in the above table show that when the price level is 120
A) the unemployment rate is below its natural rate. B) the unemployment rate is above its natural rate. C) money wages rates will rise in the future. D) the long-run aggregate supply curve will shift leftward in the future.
Jeff runs a bakery that is famous for its handmade sweet buns. Suppose the elasticity of demand for sweet buns is equal to 0.21, then an increase in the price of the buns: a. will result in a decrease in the supply of sweet buns. b. will result in an increase in the demand for sweet buns
c. will result in a decrease in the total revenue earned by Jeff. d. will result in an increase in the total revenue earned by Jeff.
When there are few unemployed resources, additional spending will tend to
a. flow directly to the unemployed resources, so that the multiplier can be maintained at 1/1-mpc. b. increase the marginal propensity to consume, and thereby increase the size of the multiplier. c. increase the demand for resources and drive prices downward, increasing the size of the multiplier. d. bid resources away from other activities and drive prices upward, reducing the size of the multiplier.