Which of the following is not evidence of the lower standard of living among less-developed countries?
a. High per capita real GDP.
b. High percentage of households headed by females.
c. High infant mortality rate.
d. Low life expectancy.
e. High birth rate.
a
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A demand curve with unit elasticity can never touch either the vertical or horizontal axes.
Answer the following statement true (T) or false (F)
Society might argue that there are cases in which it is appropriate to resist price increases in situations where scarcity is serious. Included would be the case of
A. unrestrained monopoly that would otherwise succeed in extracting funds from the public. B. taxes imposed on products capriciously and inappropriately. C. rising prices falling so heavily on the poor that rationing becomes preferable. D. All of the responses are correct.
When an individual's income goes up, that individual may choose to supply less labor, resulting in a backward-sloping labor supply curve
a. True b. False Indicate whether the statement is true or false
An example of an automatic stabilizer is:
A. governments purchases rising when GDP rises. B. tax receipts rising when GDP rises. C. government transfers rising when GDP rises. D. a discretionary increase in taxes.