The current chair of the Federal Reserve System is
a. Tim Geithner.
b. Hillary Clinton.
c. Ben Bernanke.
d. Alan Greenspan.
e. Janet Yellen
e
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The median voter theorem states that:
A. if voters have multi-peaked preferences, all of them prefer the median ideal policy. B. if voters have single-peaked preferences, none of them prefer the median ideal policy. C. if voters have single-peaked preferences, a majority of them prefer the median ideal policy to all other policies. D. if voters have multi-peaked preferences, a majority of them prefer the median of those preferences.
Refer to Figure 6-9. The data in the diagram indicates that DVDs are
A) luxury goods. B) inelastic goods. C) necessities. D) both luxury goods and inelastic goods. E) both necessities and inelastic goods.
Three individuals consume a public good, and their demands are expressed as:
P1 = 1.5 - 0.005Q (for Q < 300 ); P2 = 4.5 - 0.007Q (for Q < 643 ); P3 = 3.0 - 0.002Q (for Q < 1500 ), where P represents price in dollars per unit and Q represents output in units per day. The marginal cost of providing the service is given as a constant $5.00 per unit. Determine the efficient level of output of this public good.
The definition of poverty in the United States is
A. a level of income below the minimally acceptable annual food budget of a family of a given size times four. B. a level of income below the minimally acceptable annual food budget of a family of a given size times three. C. unwholesome living conditions. D. a level of income below the median income for all families.