The USDA threshold income level was originally based on the cost of
A) housing.
B) transportation.
C) basic clothing.
D) a nutritionally adequate food plan.
Answer: D
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Catfish farming is a perfectly competitive industry. Catfish farmers suffered tremendous economic losses in the late 2000s. As a result,
A) some new catfish farmers entered the market. B) some catfish farmers exited the market. C) no catfish farmers entered or exited this market. D) the supply of catfish increased in 2010. E) new demanders entered the market after some firms had exited.
When the elasticity of substitution in the constant elasticity of substitution utility function lies above 1, an increase in the interest rate will cause a saver to save less.
Answer the following statement true (T) or false (F)
Which of the following is NOT an assumption regarding people's preferences in the theory of consumer behavior?
A) Preferences are complete. B) Preferences are transitive. C) Consumers prefer more of a good to less. D) All of the above are basic assumptions about consumer preferences.
Historical demand curves are always suspect because their demand curves are likely to have shifted over time
a. True b. False Indicate whether the statement is true or false