Which of the following programs is most clearly advantageous to those with lower levels of income?
a. farm subsidy programs
b. the Social Security retirement program
c. the Earned Income Tax Credit
d. credit subsidies provided by the Import-Export bank to business firms that sell goods abroad
C
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Every firm that has the ability to affect the price of the good or service it sells will
A) earn a short-run profit but break even in the long run. B) shut down in the short run. C) have a marginal revenue curve that lies below its demand curve. D) have a perfectly elastic demand curve.
If the inflation rate is 3 percent and the nominal wage is frozen for one year, by how much will the real wage change?
a. It will decrease by about 3 percent. b. It will not change. c. It will increase by 3 percent. d. It will triple. e. We do not have enough information to determine this answer.