The poverty rate is
a. a measure of income inequality across families.
b. the percentage of the population whose family income falls below a specified level.
c. an absolute level of income set by the federal government for each family size.
d. measured by the number of in-kind transfers that a family receives.
b
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According to the real business cycle theory, what is the principal cause of business cycle fluctuations?
What will be an ideal response?
An explicit cost is
A) a nonmonetary opportunity cost. B) a cost specifically related to government rules and regulations. C) a cost that involves spending money. D) a cost unique to corporations.
In a store that sells souvenirs, suppose an agent receives a $1 commission for each unit sold, and the principal receives the residual profit. As a result,
A) joint profit is maximized. B) the agent will sell until the principal's marginal cost equals $1. C) no agent would enter into such a contract. D) the agent wishes to sell as many units as he can.
Refer to the data. The marginal cost of the fifth unit of output is:
A. $3.
B. $62.
C. $80.
D. $78.