1b) Welfare data shows that: a. There may be unfavorable long-term consequences

Question

1b) Welfare data shows that:

a. There may be unfavorable long-term consequences of welfare benefits

b. Welfare encourages young women to have children

c. Children brought up on welfare never remain on welfare as adults

d. Welfare benefits and other sources of income are directly related

e. Income-assistant programs increase the supply of labor by 40 percent

1c) Entrepreneurship:

a. Is costly to create and cannot be protected by copyrights and patents

b. Confers property rights to an original creation of an author, artist, or producer

c. Confers property rights over products that are innovations on entrepreneurs

d. Is necessary for the success of any business venture

e. Is not necessary for production as other factors

1d) Production through the firms is often more efficient than market exchange when:

a. Market exchange involved multiple transactions amount many resource owners

b. Market exchange involves the exchange of one good or service for other goods or services

c. The cost of transacting business through market relations is less than the cost of undertaking the same activity with the firms

d. Inputs are easily identified, measured, prices, and hired

e. The costs of determining inputs and negotiating contracts are low

1e) When the benefits to our society of using a product exceed the benefits to the user, then:

a. The product should be strictly regulated

b. The product should be taxed

c. The product provides a positive externality

d. The product is overproduced at the privately determined equilibrium

e. The product provides a negative externality

Explanation / Answer

Answer : 1b) Welfare data shows that: d. Welfare benefits and other sources of income are directly related. Because welfare relates to the benefits of everything. Hence it's data shows the benefits of welfare and other sources of income.

1c) Entrepreneurship: d. Is necessary for the success of any business venture. Because business depends on investment and risk. A businessman always be a successful when he takes risk and investment. Entrepreneurship refers a creation of new business and to be successful if he invest and take risk.

1d) Production through the firms is often more efficient than market exchange when: b. Market exchange involves the exchange of one good or service for other goods or services. Because when exchange rate makes goods exchange between two countries then its need more production.

1e) When the benefits to our society of using a product exceed the benefits to the user, then: c. The product provides a positive externality. When a product is used by a person but it's total utility is greater for society than the single person then it is known as positive externality.

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