Statistics on families below the poverty line may be overstated because:
a. the poor are primarily children who soon will move out of poverty.
b. poverty in the United States is rich compared to poverty in other nations.
c. the income levels used to measure poverty do not include in-kind transfers.
d. unemployment compensation is a program closed to the poor.
c
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Refer to the scenario above. After a year, the interest payments by the bank will be ________
A) $10 B) $300 C) $3,000 D) $3,300
When the price of a good falls, consumers buy a larger quantity because of the ________ effect and the ________ effect
A) normal; inferior B) substitution; income C) substitute; complement D) supply; demand
Which of the following statements is correct?
A) The markup pricing rule that is derived from the rule for profit maximization can be used as a substitute for determining the profit-maximizing level of output by equating marginal revenue and marginal cost. B) It is reasonable to assume that a profit-maximizing firm will never operate in the inelastic portion of its demand curve. C) The ability of a profit-maximizing firm to mark up price above average cost is unaffected by the price elasticity of demand for the firm's output. D) The markup factor and the price elasticity of demand are positively related, i.e., as the price elasticity of demand increases, the markup factor that the profit-maximizing firm can apply to its marginal cost in setting price increases as well.
A dominant strategy is a
A) last-move strategy. B) losing strategy. C) player's best strategy when he can make the first move. D) player's best strategy regardless whatever strategies are adopted by his rivals.