Falling below a minimum standard of living illustrates the concept of absolute poverty.
Answer the following statement true (T) or false (F)
True
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If the price of corn increases by 20 percent and the quantity supplied of corn increases by 30 percent, then supply is
A) elastic and the elasticity of supply equals 1.5. B) inelastic and the elasticity of supply equals 1.5. C) elastic and the elasticity of supply equals 0.66. D) inelastic and the elasticity of supply equals 0.66. E) either elastic or inelastic, but more information about the elasticity of demand is needed to determine which.
Which of the following decreases the official U-3 unemployment rate?
A) Workers leave the labor force. B) More women enter the labor force and seek jobs. C) Young people graduate from college and start to look for their first full-time job. D) None of the above because they all increase or do not change the unemployment rate.
The above table gives some of the costs of the Delicious Pie Company. What is the total fixed cost of producing 100 pies?
A) $300 B) $400 C) $700 D) More information is needed to calculate the total fixed cost.
Answer the following statement(s) true (T) or false (F)
1. A borrower sells bonds, and a lender buys bonds. 2. A change in the price of bonds causes a change in interest rates. 3. A bond that promises a series of payments on different dates is a perpetuity. 4. It would be irrational to promise to make an infinite number of payments in exchange for a finite amount of goods. 5. The present value of a perpetuity falls when the interest rate rises.