Today black and Hispanic Americans have poverty rates:
A. three times as high as white Americans.
B. four times as high as white Americans.
C. twice as high as white Americans.
D. half as high as white Americans.
Answer: C
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For the monopolistically competitive firm
A) P = MR > AR. B) P > MR = AR. C) Price (P) = Marginal Revenue (MR) = Average Revenue (AR). D) P = AR > MR.
The Phillips curve fails to provide a consistent explanation for macroeconomic performance in the United States in the 1960s
a. True b. False Indicate whether the statement is true or false
Marx's point that under capitalism workers are divorced from capital is:
a. How socialism extracts surplus value b. Dialectical materialism c. Imperialism d. Primitive capitalist accumulation e. All of the above
A key determinant of the price elasticity of supply is the time period under consideration. Which of the following statements best explains this fact?
a. Supply curves are steeper over long periods of time than over short periods of time. b. Buyers of goods tend to be more responsive to price changes over long periods of time than over short periods of time. c. The number of firms in a market tends to be more variable over long periods of time than over short periods of time. d. Firms prefer to change their prices in the short run rather than in the long run.