According to the Pew Charitable Trust methodology for identifying the middle class, if people near the boundary between the upper middle and highest income class lose income, the middle class will ________
A. increase, but that is unambiguously a good thing.
B. shrink, but that is unambiguously a good thing.
C. increase, and that is unambiguously a bad thing.
D. shrink, and that is unambiguously a bad thing.
Answer: C
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When every good or service is produced up to the point where the last unit provides a marginal benefit to society equal to the marginal cost of producing it, ________ occurs
A) efficient central planning B) equity C) productive efficiency D) allocative efficiency
In which market structure does a firm have the LEAST influence over the market price?
A) monopoly B) monopolistic competition C) oligopoly D) perfect competition
Economists often define economic growth in terms of changes in
A. Living standards. B. Current GDP or actual production. C. Population. D. Potential GDP.
When a firm is earning positive economic profits, this is an indication that the firm
A. Is producing at the minimum ATC. B. Is using its resources in one of a number of ways that would yield positive economic profits. C. Should leave this market in the long run. D. Is using its resources in the best possible way.