The relative concept of poverty is based on how far behind average income a particular family gets.
Answer the following statement true (T) or false (F)
True
You might also like to view...
Bill purchases property insurance for his office building, which includes coverage for fire damage. The policy offers premium discounts for smoke detectors, fire alarms, fire extinguishers and sprinkler systems
This is an incentive system to help avoid A) adverse selection. B) moral hazard. C) optimal-stopping. D) none of the above
All of the following are examples of restraints of trade except which one?
A) price fixing B) predatory pricing C) output restrictions D) bid rigging
A tax is imposed on orange juice. Consumers will bear more of the burden of the tax: a. If the demand for orange juice is relatively inelastic and the supply is relatively elastic. b. If the demand for orange juice is relatively elastic and the supply is relatively inelastic. c. If the supply for orange juice is perfectly inelastic
d. none of the above
When a good is taxed,
a. both buyers and sellers of the good are made worse off. b. only buyers are made worse off, because they ultimately bear the burden of the tax. c. only sellers are made worse off, because they ultimately bear the burden of the tax. d. neither buyers nor sellers are made worse off, since tax revenue is used to provide goods and services that would otherwise not be provided in a market economy.