The measured poverty rate may not reflect the true extent of economic deprivation because it does not include some forms of government assistance
a. True
b. False
Indicate whether the statement is true or false
True
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Refer to Table 4.1. If Mike starts with 4 CDs and 1 economics book, would he be willing to trade one CD for two economics books?
A. Yes, because the bundle with 3 CDs and 3 economics books is ranked higher than the bundle with 4 CDs and 1 economics book
B. No, because the bundle with 3 CDs and 3 economics books is ranked higher than the bundle with 4 CDs and 1 economics book
C. Yes, because the bundle with 4 CDs and 1 economics book is ranked higher than the bundle with 3 CDs and 3 economics books
D. No, because the bundle with 4 CDs and 1 economics book is ranked higher than the bundle with 3 CDs and 3 economics books
A Herfindahl-Hirschman Index is calculated by
A) summing the amount of sales by the four largest firms and dividing by total industry sales. B) dividing the number of firms wanting to merge by the total number in the industry. C) summing the squares of the market shares of each firm in the industry. D) dividing the advertising expenditures of the firms that want to merge by total industry advertising expenditures.
Refer to Figure 21-25. Suppose the price of good X is $10, the price of good Y is $5, and the consumer’s income is $210. Then the consumer’s optimal choice is represented by a point on which curve?
a. I4
b. I2
c. I3
d. I1
American Idol is a popular television program where contestants compete to win a $1 million record deal. To determine the winner, fans either dial the number or send a text message indicating their favorite contestant
The contestant with the highest number of texts and phone calls wins. What is the scarce resource in this example? A) $1 million record deal B) television ratings C) phone calls and text messages D) fans