According to official statistics in the United States, a person is classified as poor
A. if the person's money income is below the poverty income threshold.
B. only if the person's money income is below the poverty income threshold AND the person is not working.
C. only if the person's money income is below the poverty income threshold AND the person is homeless.
D. if the person's money income and the value of non-cash transfers is below the poverty income threshold.
A. if the person's money income is below the poverty income threshold.
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In the kinked demand curve model, if one firm reduces its price
A) other firms will also reduce their price. B) other firms will compete on a non-price basis. C) other firms will raise their price. D) Both A and B are correct. E) Both B and C are correct.
An expectation of a price increase in the future would cause consumers to______ and producers to_____
a. Delay consumption; delay production b. Delay production; accelerate production c. Accelerate consumption; delay production d. Accelerate consumption; accelerate production
If the price of a good increases by 10 percent, its quantity demanded drops by 50 percent. The price elasticity of demand is:
A. 2.0 B. 1.0 C. -5.0 D. 0.2
Which of the following statements is FALSE?
A) A correct measure of a firm's economic cost includes both accounting and opportunity cost. B) The accounting profit earned by a firm will always be the same as its economic profit. C) The major difference between accounting and economic profit is that accounting profit does not reflect the opportunity cost of using resources. D) The accounting profit of a firm is its total revenue minus total explicit costs.