Which of the following is purchased in a factor market?
A. National defense.
B. The labor of a state university professor.
C. A bag of jellybeans.
D. A motorized scooter used for commuting by a student.
Answer: B
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Which statement is true?
A. We have had at least one recession in the 1940s, 1950s, 1960s, 1970s, 1980s, and 1990s. B. We have had at least two recessions in any one decade since World War II. C. We have had at least three recessions in all of the decades since World War II. D. None of the choices are true.
When a demand schedule is drawn as a graph,
A. price is measured on the vertical axis. B. quantity is measured on the horizontal axis. C. the resulting curve has a negative slope. D. the other variables (besides price and quantity) are held constant. E. All of these responses are correct.
A perfectly competitive firm maximizes its profit by producing the output at which its marginal cost equals its
A) marginal revenue. B) average total cost. C) average variable cost. D) average fixed cost.
If one includes in-kind income in the calculation, the
a. official poverty rate becomes meaningless. b. incidence of poverty actually increases. c. poverty rate is unchanged. d. fraction of the population in poverty drops.