St. Philips College

ECON 101

Chapter 20

1)Moral hazard is_____________________________.

2. Which of the following is a welfare program?

3. Forty years ago in the United States there were about                   workers for every retired person.

4. In-kind transfers

5. The breakeven level of income is

6. Medicaid and food stamps are received by

7. Higher marginal tax rates for welfare programs will

8. Social Security annual benefits to retirees

9. Income transfers that entail direct payments to recipients, such as unemployment benefits, are known as

10. If welfare benefits equal the poverty gap for each household in poverty, then

11. The existence of income transfer programs is likely to

12. Welfare support creates a moral hazard by

13. Transfer payments include all of the following except

14. The breakeven level of income equals the