Refer to Figure 7.1. Which of the following includes unaffordable combinations of movies and T-shirts?
A. A, B and C
B. B, C and D
C. C, D and G
D. A, C and E
Answer: C
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The Lorenz curve shows
A) how poverty rates change over time. B) the percentage of population below the poverty line. C) the degree of inequality in the income distribution. D) the ratio of cash income to payments-in-kind.
What was not a grievance of the Continental Congress that met in October 1774?
a. Taxes had been imposed upon the colonies by the British Parliament. b. The colonies were not permitted to trade with nations other than England. c. England had confiscated western colonial land. d. Persons could be transported out of the colonies for trials.
Suppose the equilibrium price in a perfectly competitive industry is $100 and a firm in the industry charges $112 . Which of the following will happen?
a. The firm will not sell any of its output. b. The firm will sell more output than its competitors. c. The firm's profits will increase. d. The firm's revenue will increase. e. The firm will gradually take over the entire industry.
Any point on the production possibilities curve illustrates:
a. minimum production combinations. b. maximum production combinations. c. economic growth. d. a nonfeasible production combination.