Which of the following is the most costly program for the poor?
A. SNAP (Food Stamps)
B. Medicaid
C. AFDC/TANF
D. WIC
Answer: B
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Any movement along the production possibilities frontier involves the production of
a. more of both goods b. more of one good and less of the other c. less of both goods d. more resources e. better technology
Which of the following questions about predatory pricing remains unresolved?
a. Are the courts capable of determining which price cuts are competitive and which are predatory? b. Are the courts capable of determining which price cuts are good for consumers? c. Is predatory pricing ever a profitable business strategy? d. All of the above questions about predatory pricing are unresolved.
Suppose a consumer is currently buying 5 goods so that utility is maximized. The price of one of the goods falls while the prices of the other 4 goods do not change. The consumer should
A) buy less of all goods being consumed to get to the optimal position. B) buy more of all of the goods but the one that experiences the decline in price, to get to the optimal position. C) buy more of all goods being consumed to get to the optimal position. D) buy more of the good that has experienced the fall in price to get to the optimal position.
In Figure 26.1, the price under monopoly is 
A. A. B. F. C. P2. D. P1.