In the 1980s and 1990s, American families moved from below to above the poverty line at
a. approximately the same rate as European families
b. a higher rate than families in Europe
c. a lower rate than families in Europe
d. approximately the same rate as Canadian families
e. approximately the same rate as Japanese families
C
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The assumption of completeness means that
A) the consumer can rank all possible consumption bundles. B) more of a good is always better. C) the consumer can rank all affordable consumption bundles. D) all preferences conditions are met.
Suppose that the organic-produce industry is composed of a large number of small firms. In recent years, these firms have suffered economic losses, and many sellers have left the industry. Economic theory suggests that these conditions will
a. shift the demand curve outward so that price will rise to the level of production cost. b. cause the remaining firms to collude so that they can produce more efficiently. c. cause the market supply to decline and the price of organic produce to rise. d. cause firms in the organic-produce industry to suffer long-run economic losses.
Herbert Simon, one of the first social scientists to combine the study of economics and psychology, suggested that humans should be viewed as
a. rational maximizers. b. satisficers. c. independent thinkers. d. signalers.
Suppose Bianca buys a used a textbook from Sebastian for $55. If Bianca's surplus from this transaction was $10, we can infer that:
A. Bianca's reservation price was $45. B. Sebastian's reservation price was $45. C. Bianca's reservation price was $60, and Sebastian's reservation price was $50. D. Bianca's reservation price was $65.