Related to the Economics in Practice on p. 36: In the survey conducted by Esther Duflo and Abhijit Banerjee, the extremely poor were found to consume ________ of their budgets on weddings, funerals, and other festivals.
A. almost 10 percent
B. virtually none
C. over half
D. less than 5 percent
Answer: A
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Greatest availability of a service to those who need it least is called
a. market system b. public provision c. adverse selection d. non-exclusion e. none of the above
If the long-run supply curve in a perfectly competitive industry is upward sloping, this is because
A) firms are different. B) firms are identical. C) input prices rise as the industry expands. D) Either A or C.
If an inefficient public monopoly cannot provide a service at a price that sufficient numbers of people are willing to pay it:
A. can remain in operation by covering its losses with revenue from taxes. B. must shut down and leave the industry in the long run. C. should expand operations until demand is satisfied. D. will seek out more efficiencies.
Refer to the information provided in Figure 3.16 below to answer the question(s) that follow.
Figure 3.16Refer to Figure 3.16. When the economy moves from Point C to Point E, there has been
A. an increase in supply and an increase in quantity demanded. B. a decrease in quantity supplied and a decrease in demand. C. a decrease in supply and a decrease in quantity demanded. D. an increase in demand and an increase in quantity supplied.