Because of an increase in the work-force participation rate for women, the availability of uncompensated child care (free care by aunts, sisters, and grandmothers) has become less available to poor women, So, as a consequence, the fact that child care must now be paid for suggests that the
A. poverty rate is understated.
B. poverty is not a problem.
C. poverty line should be revised downward.
D. poverty gap is overstated.
Answer: A
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Bailey's Barber Shop knows that a 5% increase in the price of their haircuts results in a 15% decrease in the number of haircuts purchased. What is the elasticity of demand facing Bailey's Barber Shop?
a. 0.05 b. 0.10 c. 0.33 d. 3.0
Refer to the above data. This nation's exports are:
$9 billion $28 billion $16 billion $24 billion
Under perfect competition, the supply curve is
A. the marginal cost curve, but only the portion that is downward sloping. B. the marginal cost curve for all price quantity combinations. C. the marginal cost curve, but only the portion that is upward sloping. D. the marginal cost curve, but only the portion that is above the minimum of average variable cost.
You may consume ice cream or frozen yogurt, and ice cream consumption is plotted along the horizontal axis of your indifference map. The prices are denoted PY for frozen yogurt and PIC for ice cream
Under what condition will you only consume frozen yogurt? A) MRS is greater than PIC/PY B) MRS is less than PIC/PY C) MRS is less than PY/PIC D) MRS is infinite