In-kind transfers include
A. Public housing and Medicare.
B. Transfer payments and food stamps.
C. Social Security benefits and housing subsidies.
D. Medicaid and unemployment benefits.
Answer: A
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The reference base period for the CPI is
A) currently 1982 to 1984. B) currently 1913. C) whatever the political party that is in control of Congress decides. D) currently 2005. E) the previous year.
A 10 percent rise in the price of housing reduces the quantity demanded of housing by 3 percent. We can conclude that the demand for housing is:
A. inelastic. B. elastic. C. unitary elastic. D. perfectly elastic.
The additional benefit to a consumer from consuming one more unit of a good or service
A) is equal to consumer surplus. B) is equal to the opportunity cost of consuming the good or service. C) is equal to marginal benefit. D) is equal to economic surplus.
In the short run, a firm
A. has at least one fixed factor of production. B. can exit an industry, and all of its factors of production are variable. C. can enter an industry where positive profits are being earned. D. Both B and C are correct.