Public education is priced below market price largely as a result of
A. taxpayers who contribute little to the funding of public education.
B. under-funded public education.
C. rising test scores by students.
D. government subsidy programs.
Answer: D
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Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________. 
A. Rising; A B. Falling; A; C C. Falling; B: C D. Rising; A; C
If the cross-price elasticity of demand for a good is estimated at -3.9, estimate the percentage change in quantity demanded of the good when the price of the related good increases from $30 per unit to $75 per unit
Also, if it is known that the income elasticity of demand for the same good is 2.5, estimate the percentage change in demand if consumer income increases from $100 to $300.
Conrad and Meyer (1958) found evidence to support the claim that the annual rates of return to slave agriculture were
(a) high enough to attract investment funds away from other alternatives in the cotton South. (b) high enough to benefit the entire Southern economy through the profits generated and the backward and forward links to other businesses. (c) relatively low in the new frontier, thus encouraging the new cotton producing areas of the South to move away from the slave system. (d) low enough that the people in the North could purchase the slaves and free them at minimal cost.
The table accompanying lists the joint distribution of unemployment in the United States in 2001 by demographic characteristics (race and gender)
Joint Distribution of Unemployment by Demographic Characteristics, United States, 2001 White (Y = 0) Black and Other (Y = 1) Total Age 16-19 (X = 0) 0.13 0.05 0.18 Age 20 and above (X = 1) 0.60 0.22 0.82 Total 0.73 0.27 1.00 (a) What is the percentage of unemployed white teenagers? (b) Calculate the conditional distribution for the categories "white" and "black and other." (c) Given your answer in the previous question, how do you reconcile this fact with the probability to be 60% of finding an unemployed adult white person, and only 22% for the category "black and other." What will be an ideal response?