Tag: Economics – Others

If the demand curve for product B shifts to the left as the price of product A increases, it can be concluded that:*A and B are substitute goods.A and B are complementary goods.A is an inferior good and B is a superior good.A is a superior good and B is an inferior good.

Prior to the Temporary Assistance for Needy Families (TANF) program. ◻ was the federal welfare program.
Aid to Families with Dependent Children (AFDC)
Children’s Health Insurance Program (CHIP)
Supplemental Nutrition Assistance Program (SNAP)
Welfare to Work program (WTWP)

In recent years, Vietnam’s communist government has implemented a series of reforms moving towards _____, which has encouraged economic growth.
a. allowing foreign investment
b. greater individual freedom
c. centralized education
d. a market economy
e. more special economic zones

The three most significant aspects of the EU that make it unique areMilitary power, shared regulations, common bordersCommon borders, collective bargaining, common executiveCommon currency, NATO membership, common bordersThe single market, common borders, common currency

Both the Phillips curve and the short-run aggregate supply curve imply:
a negative relationship between inflation and unemployment.
the neutrality of money in the short run.
the classical dichotomy.
a connection between real economic activity and unexpected changes in prices.

What does the marginal revenue product of labor represent?
The total revenue generated by a firm from all workers.
The wage rate paid to workers in the market.
The additional revenue a firm receives from hiring one more worker.
The total cost of hiring all workers in a firm.

Define Gini Coefficient with the help of Lorenz Curve and show that Gini is defined as Gini = 1 – 2 × Area below Lorenz Curve.
How is Gini affected if an amount of income is added to all the persons in an income distribution?
Show that Gini is distribution insensitive.

Zimbabwe inflation rose from an annual rate of 32% in 1998 to 900% in 2006. Ignoring the many other problems that face the businesses of Zimbabwe, and considering only the effects of this unexpected inflation, which of the following is most harmed by the inflation?

Cohen lists all of the following work-based reforms to ease the relationship between work and family demands EXCEPT:
More fathers staying home with their children.
Reducing work hours per week.
Family supports from employers.
Making work hours more flexible across the week.

What is the classical dichotomy in economics?
The separation of nominal variables from real variables
The difference between short-term and long-term interest rates
The relationship between inflation and unemployment
The distinction between microeconomics and macroeconomics