Which statement is the most accurate?
A. Most welfare mothers have had child after child to get larger welfare payments.
B. Most welfare families have three or more children.
C. There are many theories of poverty, but none provides more than a partial explanation.
D. The conservatives and liberals are in basic agreement about the causes of poverty.
C. There are many theories of poverty, but none provides more than a partial explanation.
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Why are prices for groceries and household items typically higher at a 24-hour convenience store compared to stores open from 6 am to 11 pm?
A) Shoppers' options are generally fewer in the middle of the night. B) The elasticity of demand of the middle-of-the-night shopper is typically higher than the mid-day shopper's elasticity. C) The owners of the 24-hour stores are typically more selfish than the others. D) The owners of the 24-hour stores are more interested in maximizing net revenue compared to the others.
The above figure shows the utility of wealth curve for a homeowner whose only possession is a $50,000 house
If there is a 20 percent chance that the home could be entirely destroyed, would this person buy a $20,000 insurance policy to replace the house if destroyed? A) No, it is too expensive. B) No, he is not risk averse. C) Yes, the homeowner would pay even more. D) Yes, this is the most the homeowner would pay.
Suppose that a worker in Country A can make either 25 bananas or 5 tomatoes each year. Country A has 200 workers. Suppose a worker in Country B can make either 18 bananas or 6 tomatoes each year. Country B has 400 workers. The opportunity cost of one tomato in Country A is:
A. 100 bananas. B. 20 bananas. C. 5 bananas. D. 4 bananas.
If a market is not subject to large, frequent shifts in demand,
a. firms will have a tendency to lower prices to increase market share b. the market will have few firms c. prices will approach equilibrium very slowly d. price leadership will rarely occur e. cheating on collusive agreements is more difficult