The official poverty threshold line is adjusted annually for
a. income taxes.
b. inflation.
c. average household size.
d. average family size.
b. inflation.
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Because barriers to entry are low in competitive price-searcher markets, in the long run, a firm's price will be equal to
a. marginal revenue. b. average total cost. c. average variable cost. d. average fixed cost.
Which of the following would shift a supply curve to the right?
a. Taxes b. Import restrictions c. Import duties d. Subsidies
The rank condition for identification of a structural equation states that the first equation in a two-equation simultaneous equations model is identified if, and only if:
A. the first equation contains at least one exogenous variable (with a nonzero coefficient) that is excluded from the second equation. B. the first equation contains at least two exogenous variables (with a nonzero coefficient) that are excluded from the second equation. C. the second equation contains at least one exogenous variable (with a nonzero coefficient) that is excluded from the first equation. D. the second equation contains at least two exogenous variables (with a nonzero coefficient) that are excluded from the first equation.
Briefly explain why a jacket is a private good.
What will be an ideal response?