Which statement is true?
A. There are at least a dozen different theories of poverty.
B. The liberals and conservatives are in basic agreement about the causes of poverty.
C. The liberals and conservatives are in basic agreement about how to solve the poverty problem.
D. None of these statements are true.
A. There are at least a dozen different theories of poverty.
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Would a change in the price of in-line skates cause a change in the supply of in-line skates? Why or why not?
What will be an ideal response?
Which of the following is an example of a positive economic statement?
A) The unemployment rate last month was 5.4 percent. B) The unemployment rate last month was too high. C) Because of the high unemployment rate last month the government should increase government spending. D) The unemployment rate should be measured differently because it doesn't include students who can't find jobs.
Along a given indifference curve, a consumer reduces the quantity of one good in favor of more units of the other. In this situation
A. total utility rises. B. the marginal utility of the first rises and the marginal utility of the second good falls. C. the marginal rate of substitution falls. D. both A and B are correct.
Suppose a competitive firm's total revenue is $1,000,000 where MR = MC, its explicit variable costs are $900,000, its fixed costs are $90,000 of which $60,000 are sunk in the short run. If its implicit opportunity costs are $50,000, the firm should
A) produce because its economic profit is positive. B) produce because its economic profit is zero. C) produce even though its economic profit is negative. D) shut down.