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resou… Show more v 5 _____ 24. Which of the following must

resou… Show more v 5 _____ 24. Which of the following must be true if entrepreneurs bid against one another for resources? a. The owners of those resources will be exploited. b. The entrepreneurs are not acting in their true role, which involves coordination of resources than competition. c. Resource prices will rise. d. Output will rise. e. Output prices will fall. _____ 25. The major social insurance program in the U.S. is: a. Social Security. b. TANF. c. Medicare. d. Supplementary Security Income. e. Food Stamps. _____ 26. In discussing the distribution of income among families, the term “Lowest fifth” indicates: a. The poorest five percent of the families. b. The poorest twenty percent of the families. c. The smallest five percent of the families. d. The smallest twenty percent of the families. e. The percentage of families receiving one-fifth of the income. _____ 27. In the U.S., most income comes from: a. Inheritance. b. Stocks and bonds. c. Selling labor for wages. d. Illegal transactions. e. Government transfer payments. _____ 28. When a union successfully negotiates a wage greater than the equilibrium wage: a. Excess demand for labor is created. b. A surplus of labor is created. c. The demand for labor increases. d. The supply of labor doesn’t change. e. The quantity of labor demanded increases. _____ 29. Public goods are those for which: a. Individuals who do not pay can be excluded from consuming the good b. Individuals who do not pay cannot be excluded from consuming the good c. External costs exist d. No external costs exist • Show less

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