Transfer payments are
What will be an ideal response?
transfers of income from taxpayers to recipients who do not provide current goods and services for the payments.
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Starting from long-run equilibrium, an adverse inflation shock results in a short-run equilibrium with ________ inflation and ________ output.
A. lower; lower B. higher; lower C. higher; higher D. higher; potential
Beth has moved into a new house. Most people living in her neighborhood go for a jog early in the morning. Although Beth had always been a late riser, she too started getting up early for a jog after moving into her new house
This is an example of a(n) ________. A) moral hazard B) adverse selection C) peer effect D) negative externality
The ________ is the number of unemployed divided by the labor force and the ________ is the number of employed divided by the adult population
A) unemployment rate; employment rate B) unemployment rate; employment ratio C) unemployment ratio; participation rate D) discouraged worker ratio; employment rate
A firm uses workers and seed to grow lettuce. Its lettuce output rises from 100 tons to 200 tons when the number of workers increases from 25 to 75. Its production process shows
A. decreasing returns to scale. B. diminishing returns to labor. C. increasing long-run average cost. D. decreasing short-run average variable cost.