Which of the following statements is TRUE?
A) A growing economy should see a decline in relative poverty but not in absolute poverty.
B) A growing economy should see a decline in absolute poverty but not in relative poverty.
C) A growing economy should see a decline in both absolute and relative poverty.
D) A growing economy is usually unrelated to changes in either absolute or relative poverty.
Answer: B
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In the above figure, the economy initially is at point C. Then the domestic price level rises by 10. A
A) substitution effect would help move the economy to point D. B) substitution effect would help move the economy to point B. C) substitution effect would keep the economy at point C. D) wealth effect would help move the economy to point B.
____ is a new product pricing strategy which results in a high initial product price. This price is reduced over time as demand at the higher price is satisfied
a. Prestige pricing b. Price lining c. Skimming d. Incremental pricing e. None of the above
Which of the following is an assumption of the Cournot model?
A. The firms behave so as to maximize their revenues. B. There is only one firm in an industry. C. Each firm takes the output of the other firm as given. D. Firms collude to fix prices and quantities.
There is a bill pending before the Kansas State Legislature that would prohibit private companies from selling health insurance and would make the state the single payer of health care bills. Private health insurance companies that have made above normal profits have spent large sums of money trying to ________. This is an example of rent-seeking behavior.
A. prevent this bill from being passed into law B. pass an even more restrictive bill C. fund the state for its single-payer system D. get this bill made into law