The poverty income threshold in the United States was originally calculated by
A. multiplying a nutritionally adequate food plan for emergency use by 5.
B. multiplying a nutritionally adequate food plan for emergency use by 2.
C. multiplying a nutritionally adequate food plan for emergency use by 4.
D. multiplying a nutritionally adequate food plan for emergency use by 3.
Answer: D
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If an item has an absolute price elasticity of demand that is greater than 1, we say the demand for the item is
A) elastic. B) inelastic. C) perfectly inelastic. D) unit elastic.
The above figure shows supply and demand curves for milk. In an effort to help farmers, the government passes a law that establishes a $3 per gallon price support. To maintain the price support, government expenditures must equal
A) k + i. B) f + g + h + i + j. C) f + g + h + i + j + k. D) f + g + h + i + j + k + e.
Behavior on the part of the firm that allows it to comply with the letter of the law but violate the spirit reducing the law's effect is
A) asymmetric information. B) creative response. C) the lemons problem. D) only a problem in a monopoly.
Under the Lanham Act, in concert with the Clayton Act:
A. people harmed by deceptive advertising can sue the firm and receive compensation. B. rival firms are not eligible to sue another firm for false advertising. C. rival firms are not eligible to sue another firm for false advertising and people harmed by deceptive advertising can sue the firm and receive compensation. D. government will sue a firm for false advertising.