The term "welfare state" describes the idea that:
A. government has a responsibility to promote the economic well-being of its citizens.
B. some areas suffer a disproportionate amount of chronic poverty.
C. some areas suffer from stagnant economic growth.
D. None of these is true.
A. government has a responsibility to promote the economic well-being of its citizens.
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Refer to Figure 3-8. The graph in this figure illustrates an initial competitive equilibrium in the market for apples at the intersection of D1 and S1 (point A). If there is a shortage of apples, how will the equilibrium point change?
A) There will be no change in the equilibrium point. B) The equilibrium point will move from A to B. C) The equilibrium point will move from A to C. D) The equilibrium point will move from A to E.
___________ prices are set by large corporations for relatively long periods of time.
Fill in the blank(s) with the appropriate word(s).