"Americans hate broccoli." "Because so few Americans like broccoli, average broccoli sales are lower in America then anywhere else." Which of these two statements about the preferences of Americans is more accurate? Why?
What will be an ideal response?
The second statement is more accurate because groups do not have preferences, only individuals do. The second statement aggregates the individual preferences of United States residents toward broccoli without making a universal statement about Americans as a group.
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Which of the following will be required for a country to move up the income ladder and achieve high-income status?
a. rapid growth of the money supply. b. restrictions limiting the import of goods from other nations, particularly low-wage countries. c. tax incentives that encourage consumption rather than investment d. sustained economic growth
Which of the following is included in the demand for loanable funds?
a. investment and government borrowing b. investment but not government borrowing c. government borrowing but not investment d. neither government borrowing nor investment
The marginal factor cost is the
A. change in output resulting from the addition of one more worker. B. additional revenue obtained from a one-unit change in labor input. C. cost of using an additional unit of an input. D. additional revenue obtained from a one-unit change in output.
In 2013, the lowest incidence of poverty was for
A. women living in households with no husband present. B. children under 18. C. individuals over 65. D. white (non-Hispanic) people.