Which of the following is true about poor populations?
A. The poor are disproportionately white.
B. The poor are more likely to have graduated from high school.
C. There are fewer poor whites than poor blacks.
D. The poor are more likely to be children than the elderly.
Answer: D
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Define the term rent. Explain why confiscation of rents would cause more than a simple transfer of income from resource owners to the government.
What will be an ideal response?
Suppose both wages and employment increase. These changes most likely were caused by
A. a decrease in labor supply. B. an increase in labor demand. C. an increase in labor supply. D. a decrease in labor demand.
Figure 10-1
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Suppose a perfectly competitive firm’s situation is shown in Figure 10-1 and the firm is currently producing at D. What can be said about this situation?
A. The firm is suffering an economic loss but is maximizing profits. B. The firm is not suffering an economic loss but is not maximizing profits. C. The firm is not suffering an economic loss and should increase output. D. The firm is suffering an economic loss and should decrease output.
Which of the following is most likely to increase productivity growth, as measured using GDP statistics?
a. Reduced capital formation b. Decreased human capital c. Increased research and development d. Increased government regulation e. Higher price of a raw material