A perfectly competitive firm may, under some circumstances, be able to affect the market price.
Answer the following statement true (T) or false (F)
False
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Consider the production of some industrial good that creates air pollution. The table below gives the marginal social cost (MSC), the marginal cost (MC), and the marginal social benefit (MSB) for each level of output (Q)
Q MSC MC MSB 1 3 2 11 2 6 4 10 3 9 6 9 4 12 8 8 5 15 10 7 6 18 12 6 The inefficient market quantity is ________ and the efficient market quantity is ________. A) 4; 3 B) 6; 3 C) 3; 4 D) 4; 6
Which of the following has contributed to China's economic growth since 1980?
a. the rapid growth of foreign aid from European countries b. nationalization of many private industries c. increased restrictions on international trade d. increased privatization of the agricultural and small-business sectors
A flat tax would increase the possibilities of abuses and misrepresentations that go with tax deductions
a. True b. False Indicate whether the statement is true or false
Marlene earns a monthly net income of $1,000 for herself and her three school-age children, which puts her family well below the poverty line. Each month she spends $500 on rent, $200 on utilities, and about $150 on school supplies, clothes, shoes, and after-school care for her children. This leaves her with about $250 to spend on nutritionally adequate food for the family each month. Would Marlene qualify for the Supplemental Nutrition Assistance Program (SNAP)?
a. Because Marlene has less than 30% of her income available for a nutritionally adequate diet for her family, she would qualify for SNAP. b. Because Marlene earns a monthly income of $1,000, she is not eligible for SNAP but might be eligible for the Women, Infants, and Children (WIC) program. c. Marlene is not eligible for SNAP, but she is eligible for Temporary Assistance for Needy Families (TANF); this will mean she is caught in the poverty trap. d. While Marlene is not herself eligible for SNAP, her children are eligible for the free breakfast and lunch program at their school, which will provide them with a nutritionally adequate diet.