The poor in the United States are disproportionately people who
a. have less than a high school education
b. have incomes that are essentially nonwage incomes
c. are poor white women
d. are families with over 5 children
e. live in cities
A
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The long-run supply curve is downward sloping in a(n)
a. decreasing-cost industry b. increasing-cost industry c. constant-cost industry d. labor-intensive industry e. capital-intensive industry
The majority of proven world oil reserves are
A. under Alaska. B. held by non-Persian Gulf OPEC members. C. in the Persian Gulf region. D. in the former Soviet Union.
Dogfighting is against the law in New Jersey, resulting in high-priced events held illegally in the state. What idea from Chapter 1 of the text does this story best illustrate?
A. There ain't no such thing as a free lunch. B. Social and political forces sometimes rein in market forces. C. The invisible hand is always invisible. D. Maintaining objectivity is easiest in positive economics.
The three basic legal forms of business enterprise in the United States are
A) monopolies, enterprises, and competitors. B) vertical, horizontal, and conglomerate corporations. C) national, global, and multinational corporations. D) proprietorships, partnerships, and corporations.