Compared to high-income families, low-income families tend to have
a. more earners per family.
b. fewer persons per family.
c. more full-time workers per family.
d. both b and c.
B
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Why do many film processing companies have a policy of printing every picture on a roll of film or a memory card, even if the picture is very fuzzy and customers are allowed to ask for refunds on any pictures they do not like?
What will be an ideal response?
The above figure shows supply and demand curves for apartment units in a large city. If the city government passes a law that establishes $350 per month as the legal maximum rent, the consumer's net gain in surplus equals
A) c - f. B) b - f. C) d - f. D) The answer cannot be determined from the information given.
PPP-adjustment involves:
A. recalculating a variable like GDP per capita so we can compare someone's standard of living across countries. B. a method very similar to adjusting to cost-of-living increases using a price index like the CPI. C. recalculating economic statistics to account for differences in price levels across countries. D. All of these statements are true.
Figure 11-9
In Figure 11-9, how much more than the long-run competitive price will the profit-maximizing monopolist charge?
a.
$1
b.
$2
c.
$3
d.
$11