The time and money it takes to organize a group or a campaign and to get the attention of lots of busy people is the:
A. reason why all individuals never participate in any collective action.
B. cost of collective action.
C. initial set-up costs of the campaign or group.
D. reason why collective action does not happen in the real world.
Answer: B
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The Lorenz curve in the above figure implies that
A) income is equally distributed. B) the lowest fifth of households account for less than 20 percent of income. C) the highest fifth of households account for less than 20 percent of income. D) the lowest fifth of households account for more than 20 percent of income.
Assume that when the price of cantaloupes is $2.50 the demand for cantaloupes is unit-elastic, and that the demand curve for cantaloupes is linear and downward sloping
If firms lower the price of cantaloupes to $2.00 which of the following statements can be made regarding the price elasticity of demand for cantaloupes? A) The demand for cantaloupes at $2.00 must be elastic. B) The demand for cantaloupes at $2.00 must be unit elastic. C) We cannot determine whether the demand for cantaloupes is elastic or inelastic without knowing what the quantity demanded is at each price. D) The demand for cantaloupes at $2.00 must be inelastic.
Modern traditional economics relies on complex models that are easy to test in real life.
Answer the following statement true (T) or false (F)
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The marginal rate of transformation in moving from Point B to Point A is
A. -2/3. B. -3/4. C. -1.5. D. -20.