Under a relative concept of poverty, poverty
a. doesn't really exist.
b. is higher in rich countries than in poor countries.
c. can never be wholly eliminated by public policy.
d. declines as technology advances.
c
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Using the data in the above table, the average fixed cost of producing 9 units per day is
A) $2.22. B) $5.00. C) $5.55. D) $20.00.
For a monopsony, the labor supply curve is
A) above the MCL curve. B) always below the VMP curve. C) downward sloping. D) upward sloping.
One reason that education has external benefits is that
A) knowledge has diminishing marginal productivity. B) education creates job opportunities for teachers. C) education creates better citizens. D) property owners pay taxes to support the school system.
In the short run, if a firm shuts down, its total revenue is
a. $0 b. equal to its fixed costs c. greater than its variable costs d. greater than its fixed costs e. less than its variable costs