What is the primary goal of phasing out government assistance payments?
a. Providing an incentive to work
b. Eliminating income taxes for the working poor
c. Balancing work and leisure time
d. Establishing a fair poverty line
a. Providing an incentive to work
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The amount of money available in the economy:
A. is called the money supply. B. is managed by the Federal Reserve. C. varies depending on what is considered money. D. All of these are true.
The saying “the lower the price, the better” may not always be correct for an economy’s public interest because
A. people should have to pay for what they want. B. people will overuse something they perceive as being cheaper than the utility they receive for it. C. the government can no longer afford to provide all the goods and services it provides because it is slowly going broke. D. cheaper prices will make people buy less of other things.
Suppose that Trey spends all of his income on vacation trips and textbooks. If the price of a trip is $200 and the price of a textbook is $50, then the slope of his budget line (assuming vacation trips are measured on the vertical axis) would be
a. -4 b. 4 c. 0.25 d. -1.75 e. -0.25
If government removes two people from a prisoner's dilemma setting (and, in the process, requires that the two persons pay taxes for the service that government provides), it holds that on net
A) each of the two persons is better off. B) each of the two persons is worse off. C) one person is better off and the other person is worse off. D) a, b, or c E) none of the above