An example of a public transfer payment is a(n):
a. Veteran's benefit payment
b. Airline pass giving price discounts to senior citizens
c. Monthly subsidy from home for a university student
d. Gift of land from a wealthy relative
Answer: a. Veteran's benefit payment
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Use the information provided in Exhibit 11-4. If a person’s taxable income is $110,000, how much does he pay in taxes?
A) $21,750 B) $33,000 C) $24,750 D) $48,000
People make mistakes in allocating their time
a. because they always act irrationally b. despite always having expectations fulfilled c. only when leisure is a normal good d. because acquiring information is costly e. more often when the cost of making a mistake is high
Which of the following describes the Volcker disinflation most accurately?
a. Almost all of the public believed that the Fed would keep money growth low, so unemployment rose less than it would have otherwise. b. Almost all of the public believed that the Fed would keep money growth low, so unemployment rose more than it would have otherwise. c. Much of the public did not believe that the Fed would keep money growth low, so unemployment rose less than it would have otherwise. d. Much of the public did not believe that the Fed would keep money growth low, so unemployment rose more than it would have otherwise.
When marginal cost is less than average total cost, ________ as output increases.
A. average variable cost must be decreasing B. average total cost must be decreasing C. average fixed cost must be increasing D. average total cost must be increasing