Refer to the above diagram. The highest price that buyers will be willing and able to pay for 100 units of this product is:
A. $60.
B. $30.
C. $40.
D. $20.
Answer: A
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A needy family consisting of a mother and three children currently receives cash benefits that average $12 per day. The mother of this family is allowed to earn an average of $4 per day before her benefits begin to decline. After that, for each dollar earned, cash benefits decline by 67 cents for each dollar earned. Assume that she can find work at $4 per hour. How many hours will she have to work per day before her benefits are eliminated?
What will be an ideal response?
What did Steckel (1986) find when he compared the slave population to today's white population?
(a) The mortality rates of the slaves were much higher than those of modern whites. (b) Prenatal and postnatal care was the same. (c) The number of pregnancies brought to term in each group was about the same. (d) All of the above.
Which of the following would economic freedom lead to?
a. A higher standard of living b. Better living conditions c. Longer life expectancy d. Better education e. All of these
Which of the following statements about the idea that people are rational is? correct?
A. The idea assumes that consumers and firms use all available information as they act to achieve their goals.
B. The idea assumes that consumers and firms take into account the costs of their actions but ignore the benefits.
C. The idea assumes that consumers and firms take into account the benefits of their actions but ignore the costs.
D. The idea assumes that consumers and firms always make correct decisions.