What change in household composition has increased income inequality?
a. More childless households
b. More senior households
c. More single parent families
d. More two parent families
c. More single parent families
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A monopolistic competitor produces 100 units of a good at a per-unit cost of $22. If it charges a price of $19 per unit of the good, it will ________
A) earn zero economic profits in the short run B) incur a loss of $300 in the short run C) earn a profit of $1,900 in the short run D) incur a loss of $100 in the short run
Which of the following was an objective of the framers of the Federal Reserve System?
A) Decentralized power B) Executive branch power C) Elimination of private-sector influence D) Consolidation of the banking industry
People continue to value money because they have confidence in its convertibility into goods and services
a. True b. False Indicate whether the statement is true or false
When the marginal utility of the first good drops lower than that of a second good, it is rational for a consumer to ______.
a. buy mostly the first good and a little of the second good b. buy mostly the second good and a little of the first good c. buy only the second good until the marginal utility equalizes d. buy only the first good until the marginal utility equalizes