When poverty is defined by an relative real income level, what will happen to the poverty rate if the distribution of income is not perfectly equal?
A) The poverty rate will increase forever.
B) The poverty rate will eventually be zero.
C) The poverty rate will always remain constant.
D) The poverty rate will change, but always exist.
D
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Economists refer to a holdout as someone who refuses to produce a pure public good with private funds
Indicate whether the statement is true or false
In measuring Gross Domestic Product, goods produced by foreign firms in the United States are
A. not counted, but goods produced by American firms in foreign countries. B. counted, and so are goods produced by American firms in foreign countries. C. counted, but goods produced by American firms in foreign countries are not counted. D. not counted, and goods produced by American firms in foreign countries are also not counted.
If the price of gasoline rises sharply and the demand for trucks falls, then the two goods are
A. inferior goods. B. normal goods. C. complements. D. substitutes.
In the graph below, what is the price elasticity of supply (using the midpoint formula) between points A and B above?
A. 1
B. 3
C. 2
D. 1/3