The newest evidence on Head Start suggests that ________ participants are more likely to earn higher incomes as young adults than equally-situated non-participants.
A. white
B. Asian
C. African-American
D. all
Answer: A
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The price elasticity of demand depends on the
A) proportion of consumers' budgets spent on the good. B) number of available substitutes. C) extent to which the commodity is a luxury. D) all of the above.
The figure above shows the market for low-skilled labor in Midland city. The government sets a minimum wage at $6 per hour. The minimum wage ________ the employers' surplus by ________ million per year
A) decreases; $60 B) decreases; $120 C) increases; $40 D) increases; $100
Cigarettes, Children, and the FDA
- Provide a number of reasons justifying government intervention in the economy. Based on your reading of the requirements specified by this rule, which of these reasons applies to this FDA rule?
- Why would cigarette manufacturers have an incentive to target children in their advertising campaigns?
- Why are free samples and the sale of small packages of cigarettes banned by this rule?
Good X is a Giffen good. When the price of X increases, the consumer will consume
a. more X. b. the same amount of X. c. less X. d. more or less X depending on the size of the income effect relative to the size of the substitution effect.