In 2011, what percentage of U.S. families had income levels below $75,000?
a. 20 percent
b. 40 percent
c. 60 percent
d. 80 percent
c
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The "gold-standard" is a system in which:
A) gold mining firms own the right to print currency. B) people use gold as a medium of exchange. C) paper currency is backed by gold. D) gold is imported into the U.S. in exchange of paper currency.
Joey cuts lawns during the summer. Let q equal the number of acres mowed per day, and let L equal the number of hours worked per day
Joey never works more than eight hours per day, and during that time his short-run production function is q = 0.2 ? L. Which of the following statements is FALSE? A) Joey's marginal product equals his average product. B) Joey's marginal product diminishes by 0.2 for each additional hour worked. C) Joey's average product is constant. D) Joey's marginal product is constant.
For a monopoly market, total surplus can be defined as the value of the good to
a. producers minus the cost incurred by consumers. b. producers plus the cost incurred by consumers. c. consumers minus the costs of producing the good. d. consumers plus the cost of producing the good.
Laissez-faire economists favor government intervention in the market process.
Answer the following statement true (T) or false (F)