Poverty rated tend to be higher than average for:
a. those 65 years or older
b. those under 18 years
c. both of the above
d. neither of the above
Answer: b. those under 18 years
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It is true in monopoly pricing that the
A. sky is not the limit. B. market cannot impose a price on a monopolist. C. monopolist is a price maker. D. All of these responses are correct.
A firm used to produce a product using three units of labor and one unit of capital. The firm discovers that it can produce more output at a lower cost if it combines two units of labor with two units of capital. This is an example of
A. an innovation. B. increasing returns. C. economic growth. D. an invention.
Between 1980 and 2006, virtually all countries have become more open
Indicate whether the statement is true or false
Perfectly competitive markets are:
A. the most common type of market in our economy. B. hard to find in a real world setting. C. made up principally by consumer goods. D. typically found in industrial sectors of our economy.