In absolute terms, poverty is measured as:
a. a specific value on the quality-of-life index.
b. the ratio of family income to family size.
c. the ratio of family size to family food consumption.
d. the ratio of total population to national income.
e. a specific value of per capita GNP.
e
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Which of the following would be categorized as an implicit cost?
a. not being able to spend your $10,000 savings if you sink the money in your business b. the cost of purchasing supplies for your house-cleaning business c. the cost of purchasing auto insurance for your dry-cleaning delivery business A) a only B) a and c only C) b and c only D) all of the above
If the demand for ptyalin is unit elastic, then
a. total revenue decreases as quantity demanded increases b. total revenue increases as quantity demanded increases c. total revenue increases as price increases d. total revenue remains constant as price increases e. total revenue decreases as price increases
Price discrimination that substantially lessens competition is prohibited by the Clayton Act
a. True b. False
In terms of production possibilities curves, the benefits of trade between two nations are that each nation moves to a higher:
a. standard of living. b. consumption possibilities combination. c. both a and b. d. neither a nor b.