Before the Industrial Revolution, per capita income in the U.S. was about:
a. $4,000
b. $2,000
c. $1,000
d. $0
d
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Economic discrimination and prejudice
a. are synonymous. b. must both exist in statistical discrimination. c. often occur together. d. are mutually exclusive.
The market for smartwatches is becoming very competitive. The increase in competition in this market is an example of how the market responds to
A) changes in population.
B) increases in income.
C) changes in consumer tastes.
D) decreases in the price of smartphones (a substitute for the product).
Jen is offered a job answering the phone in the State U economics department during lunchtime, from noon to 1 p.m., Tuesdays and Thursdays. Her reservation wage for this job is $15 per hour. Now suppose the department chair announces that the $150 per week earnings from the job will be divided equally among Jen and 299 other students in the department. How much economic surplus will Jen enjoy each week if she accepts the job?
A. $0.50 B. -$29.00 C. -$29.50 D. -$14.00