Transfer payments, like Social Security, are known as entitlements since ________
A) they are locked up by earlier legislation
B) the individuals who receive these payments are poor and deserve our support
C) the individuals who receive these payments made payments to the federal government in excess of the monies they draw from the system
D) these monies tend to rise in an economic downturn
A
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The above figure shows the market for rice in Japan. S2 represents the domestic supply curve, and S1 represents the world supply curve. A $1 per unit tariff has the same effect on producer and consumer surplus as a quota of
A) 10 units. B) 20 units. C) 30 units. D) 40 units.
The total physical product increases initially at an increasing rate, and then, because of the law of diminishing returns, at a decreasing rate
Indicate whether the statement is true or false