In the United States, the official poverty line is based on:
A. the price of housing.
B. the price of clothing.
C. the price of food.
D. the average income of the lowest quartile of income earners.
C. the price of food.
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If a competitive firm cannot earn profit at any level of output during a given short-run period, then which of the following is LEAST likely to occur?
A) It will shut down in the short run and wait until the price increases sufficiently. B) It will exit the industry in the long run. C) It will operate at a loss in the short run. D) It will minimize its loss by decreasing output so that price exceeds marginal cost.
How can an economy's consumption expenditures be larger than its national income?
If education creates external benefits,
a. actual market outcomes provide less than the efficient quantity of education. b. actual market outcomes provide more than the efficient quantity of education. c. actual market outcomes provide a higher price than the efficient price of education. d. the government should impose a depletion tax.
The theory of regulatory behavior that suggests that regulators must consider the demands of legislators, consumers, and members of the regulated agency is called
A) the capture theory. B) share-the-gains, share-the-pains theory. C) the natural theory. D) the creative theory.