Which of the following is not counted as income when the official poverty rate is calculated?
a. Medicaid benefits
b. dividends derived from the ownership of stock
c. earnings derived from a part-time job
d. money income derived from transfer payments
A
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If marginal benefit is equal to marginal cost, then the
A) producer surplus is equal to the consumer surplus. B) sum of producer surplus and consumer surplus is as large as possible. C) sum of producer surplus and consumer surplus equals zero. D) market has squeezed out total surplus so that it equals zero. E) deadweight loss is more than zero but less than its maximum.
The question of scarce resources and unlimited wants is addressed in
a. psychology b. history c. political science d. economics e. anthropology
Lorna loves sweaters! She has drawers filled with them, and continues to buy them. But she's sort of strange in this one respect: she buys more when price rises. It is strange because her behavior violates the law of
a. the ratio of marginal utility to price b. the ratio of price to marginal utility c. demand d. diminishing marginal utility e. increasing marginal utility
If a monopolist had no costs, its best possible price would be where demand is
A. relatively (but not completely) inelastic. B. unit elastic. C. infinitely elastic. D. relatively (but not perfectly) elastic.