In which of the following groups of people in the U.S. would the incidence of poverty be the greatest?
A. Black families with a female head
B. All families of seven or more members
C. Farmers and farm laborers
D. Families whose head is age 65 or over
A. Black families with a female head
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What is meant by the term "omitted variable" in correlation analysis? Explain with an example
What will be an ideal response?
In the above figure, if no government intervention occurs, at the unregulated competitive market equilibrium, there is an
A) external marginal benefit of $2. B) external marginal cost of $2. C) external marginal benefit of $1. D) external marginal cost of $3.
Refer to Figure 7-5. Fenwick currently both produces and imports pistachios. The government of Fenwick decides to restrict international trade in pistachios by imposing a quota that allows imports of only 5 million pounds each year
Figure 7-5 shows the estimated demand and supply curves for pistachios in Fenwick and the results of imposing the quota. Answer questions a-j using the figure. a. If there is no quota what is the domestic price of pistachios and what is the quantity of pistachios demanded by consumers? b. If there is no quota how many pounds of pistachios would domestic producers supply and what quantity would be imported? c. If there is no quota what is the dollar value of consumer surplus? d. If there is no quota what is the dollar value of producer surplus received by producers in Fenwick? e. If there is no quota what is the revenue received by foreign producers who supply pistachios to Fenwick? f. With a quota in place what is the price that consumers of Fenwick must now pay and what is the quantity demanded? g. With a quota in place what is the dollar value of consumer surplus? Are consumers better off? h. With a quota in place what is the dollar value of producer surplus received by producers in Fenwick? Are domestic producers better off? i. Calculate the revenue to foreign producers who are granted permission to sell in Fenwick after the imposition of the quota. j. Calculate the deadweight loss as a result of the quota.
In 1961, President John F. Kennedy, acting upon advice from his economists, proposed tax cuts. The advice he received
a. was opposed to the teaching of Keynes, who had taught that tax cuts were counterproductive. b. was opposed to the teaching of Keynes, who had taught that all attempts to stabilize the economy were futile. c. came from economists who had studied Keynes's ideas when those ideas were only a few years old. d. came from economists who were unaware of Keynes's ideas because those ideas had not yet been widely disseminated at that time.