Information that is difficult to measure is called
a. quantitative
b. qualitative
c. longitudinal
d. dependent
Ans: b. qualitative
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Refer to the table below. Given that an individual's opportunity cost of time is $30 per hour, which of the two apartments should she rent?
Apartment Monthly Commuting Time (Hours) Monthly Rent ($) 1 60 3,600 2 20 4,500
If ethanol production is expected to increase the price of corn, U.S. farmers will likely
A) shift the supply of corn to the left. B) shift the supply of corn to the right. C) reduce the production of corn by sliding down the corn supply curve, all else equal. D) increase the production of corn by sliding up the corn supply curve, all else equal.
Quantity supplied is determined by how much producers are willing and able to produce.
Answer the following statement true (T) or false (F)
The proportion of the U.S. population below the poverty line
A. rises with upturns of the business cycle. B. has declined, though somewhat erratically, over the past 40 years. C. has been virtually eliminated by a vigorous "War on Poverty." D. covers roughly 20% of the same people year after year.