What age group in the United States has the largest percentage of its members living in poverty?
(A) Children
(B) The middle aged
(C) The elderly
(D) Young adults
Ans: (A) Children
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A product is considered to be nonexcludable if
A) you cannot keep those who did not pay for the item from enjoying its benefits. B) it is jointly owned by all members of a community. C) your consumption of the product reduces the quantity available for others to consume. D) you can keep those who did not pay for the item from enjoying its benefits.
Investment is important to the short run health of the economy because it
a) is the largest component of GDP b) is countercyclical, and thus stabilizing c) is highly volatile, and thus contributes largely to business cycles d) can be easily controlled by government e) is highly predictable, and thus useful for forecasting
In an effort to lose weight, Sam posts flyers all over town that offer a reward of $50 to anyone who catches him eating unhealthy food. Sam's flyers are an example of:
A. price-optimization theory. B. a way to deal with inconsistent costs. C. the law of supply. D. a commitment device.
A frequently cited barrier to economic development is the apparent shortage of entrepreneurial activity in developing nations.
Answer the following statement true (T) or false (F)