The official U.S. poverty line for a family is calculated by taking 3 times the annual cost of:
a. public housing.
b. basic medical care.
c. utilities and transportation.
d. a minimal diet.
d
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If a U.S. firm invites foreign officials to an industry conference and pays for foreign officials to have a modest lunch at the conference, the Foreign Corrupt Practice Act (FCPA) would ________ consider the lunch to be a facilitating payment and would ________ consider the act to be illegal.
A) likely; likely B) likely not; not likely C) likely; not likely D) likely not; likely
When a regulator is concerned about pleasing different groups in order to keep employed, this is known as the
A) share-the-gains, share-the-pains theory. B) regulatory hypothesis. C) capture hypothesis. D) creative theory.
Answer the following statements true (T) or false (F)
1. Firms in monopolistic competition sell a similar but differentiated product. 2. All firms in monopolistic competition must sell at the same price. 3. In monopolistic competition, overall demand and supply may set a market price, but firms can deviate from that price within a small range without substantially affecting their sales. 4. The best example of monopolistic competition in the United States is the steel industry. 5. In monopolistic competition, there is no need for advertising.
Suppose a monopsonist currently employs 100 workers at a wage of $400 per week. If the firm wants to expand employment to 110 workers, and the 110th worker will only work for $450 per week, what is the approximate marginal factor cost of the 110th worker?
a. $450 per week. b. $5,500 per week. c. $950 per week. d. $9,500 per week. e. $49,500 per week.