In a market economy, prices help determine the distribution of goods and services but not the allocation of resources
a. True
b. False
Indicate whether the statement is true or false
False
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Which of the following is not considered an automatic stabilizer?
a. Food stamp program for people with low incomes b. Welfare program for families with dependent children c. Medicaid, a health program for the poor d. Financial assistance for disabled people e. Unemployment programs that pay benefits to those who lose their jobs
The number of people in the world who are absolutely poor is closest to
a. a quarter-billion. b. a half-billion. c. one and a half billion. d. two billion. e. four billion.
Consumers who actually purchase a good either were willing to pay that price or more.
Answer the following statement true (T) or false (F)
Whether a cross-price elasticity of demand is positive or negative indicates whether the:
A. good's demand is elastic or inelastic. B. goods are substitutes or complements. C. elasticity is reported in absolute value. D. good is a luxury or a necessity.