Income redistribution in a mixed economy OA. is only accomplished through government intervention. OB. helps those who lose their jobs or the elderly who are on low fixed incomes. OC. does not occur. It is typical only for command economies. OD. increases market efficiency. OE. is not allowed.
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- MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. Use the figure below to answer the following questions. Wage rate (dollars per hour) 16 A) Qp = 15 - 3Qm B) Qp = 20 - 4Qm C) Qp = 10 - 6Qm D) Qp = 20 - 6Qm E) Qp = 15-9Qm 12 8 4 0 20 40 S 60 80 Labour (millions of hours) Figure 1 1) Refer to Figure 1. Initially the market is in equilibrium. If the minimum wage is set at $12 per hour in this market, what is the amount of deadweight loss of the society in millions of dollars? A) 20 B) 80 C) 100 D) 0 E) 40 2) The initial budget equation for pop (p) and movies (m) is Qp = 15 - 6Qm, the price of pop is $2, and 2) the price of a movie is $12. If the price of a movie increases to $18, what is the new budget equation? 1) 3) For a particular perfectly competitive firm STC=100+20g + q+q², SMC=20+2q, where and qis output. If the market price is equal to 40, at what level of output should the firm operate to maximize profit in the short run? A)…All of the following are in-kind benefit programs, except O SSI. Medicaid. food stamps. energy assistance.The income threshold used by the organization International Poverty Line for extreme poverty a. Is a guideline for policy makers and not an exact “tipping point” at which point a person falls into extreme poverty. b. Is adjusted for price differences across countries. c. Is one of several thresholds sometimes used to discuss poverty that show that the percentage of people living in poverty has been declining in recent decades. d. Is agreed on by all organizations working on poverty. e. All of the above except d.
- A tariff on an imported good lowers the price in the domestic market and raises the price the domestic producer receives. True False Quotas, unlike tariffs, do not make imported goods more expensive. OTrue False Welfare economics is the study of how the allocation of resources affects economic well-being. OTrue False A consumer's willingness to pay for a good is defined by the slope of the supply curve. True OFalse Equality is the distribution of economic prosperity to only the richest members of society. True False o 11ah-97-3-c318e45d32f9.png?x-oss-process=imaWhich of the following is NOT a common criticism of the focus on economic efficiency as a measure of welfare? Economic efficiency is based only on results and not on process. O The assumption that willingness to pay measures marginal benefit ignores ability to pay. OA situation can be economically efficient but also considered to be unfair. OUsing monetary values for measurements ignores feelings and perceptions.A significantly larger proportion of higher social class children attend college than lower-class children. This islargely due to differences in ability among social classes. T or F?
- Oversupply of agricultural products increases poverty for peasants. Graph the oversupply of agricultural products. Identify the total revenue.In the early 2000s,the illiteracy rate for girls between the ages of 15 and 24 was __________ andthe illiteracy rate for males in this age group was ______________. a)67%; 70% b)80%; 83% c)72%; 69% d)78%; 75%Twin studies are helpful in producing an unbiased estimate of the returns to schooling, because twins are likely to O have similar abilities. achieve the same amount of education. O work in the same industry. O work in the same occupation. O earn comparable wages.
- The market to buy and sell organs: Multiple Choice о O о would never exist because it is unfair. would create negative surplus in those who could not afford an organ, but needed one. would increase the well-being of those who interacted in it. would not be considered "missing," since surplus could be gained from it.The phenomenon of underutilization of labour during a recession is calledWhat can a company do to help employees with disabilities perform activities that might otherwise be difficult or impossible for them? A) Informally promote glass ceiling B) Enrich jobs C) Invest in assistive technologies D) Perform succession planning E) Promote ethnocentrism