Which of the following is true about present day Americans who are at the official poverty level?
a. Their incomes are about the same as the average per capita income in most of the developed nations of the world..
b. Their incomes are about half of the average world income.
c. Their incomes are far higher than the average per capita income in most of the rest of the world.
d. Their incomes are almost equal to the average income of people in nations like China, India, and Pakistan.
c. Their incomes are above the world average per capita income.
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New growth theory predicts that
A) economic growth is only temporary. B) economic growth can last indefinitely. C) economic growth is eroded by changes in taxes. D) government policies can do nothing to foster increased growth.
A consumer is willing and able to buy 1,000 units of a good at $10, but the consumer's quantity demanded falls to zero if the price rises even a fraction of a cent. The consumer's demand curve is
A) horizontal and is perfectly inelastic. B) horizontal and is perfectly elastic. C) vertical and is perfectly elastic. D) downward sloping from higher prices down to $10 and then horizontal.
Which of the following is associated with an increase in the average price level?
a. A decrease in the aggregate quantity demanded b. An increase in the aggregate quantity demanded c. A leftward shift of the aggregate demand curve d. A decrease in the aggregate quantity supplied e. Aggregate quantity demanded remains unchanged but the aggregate expenditures curve shifts leftward.
The prisoner’s dilemma has implications for the workings of oligopoly markets. The outcome in the prisoner’s dilemma situation for oligopoly firms is
A. beneficial to society, in that the players cannot easily collude, so output is greater, and prices are lower. B. beneficial to the players, since they can maintain a cartel agreement easily. C. of little benefit to society, since the players produce the monopoly output. D. beneficial to no one.