Welfare Reforms Are Measured Along Which Two Dimensions

question 2

Multiple Choice

Welfare reforms are measured along which two dimensions?

• A) the number of people receiving welfare and the crime rate
• B) waste and fraud within each welfare program
• C) the number of people on welfare and the success of getting people into the workforce
• D) the number of welfare recipients who continued receiving welfare benefits for more than five years versus those who received benefits for a shorter period of time
• E) the percentage of children, versus the percentage of adults, on the welfare rolls

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Definitions:

Competitive Market

A market structure characterized by many buyers and sellers, free entry and exit, and products that are close substitutes, leading to price competition.

Total Surplus

The sum of consumer surplus and producer surplus in a market, representing the total net benefits to society.

Benevolent Social Planner

A hypothetical figure in economics who makes decisions aimed at achieving the best possible outcomes for society overall, considering both efficiency and equity.

Market Power

The ability of a firm or group of firms to significantly control or influence market prices, often due to lack of competition.