Poverty is defined in two ways: the absolute concept of poverty and the relative concept of poverty.
Answer the following statement true (T) or false (F)
True
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If a small percentage change in price causes a larger percentage change in the quantity demanded, the good has:
A. an inelastic demand. B. a low magnitude of response. C. an elastic demand. D. a high magnitude of response.
In a vote between options A, B, and C, option C wins. When option B is eliminated and a vote is taken between option A and option C, option A wins. The voting system used fails to satisfy which of Arrow's properties of a desirable voting system?
a. unanimity b. transitivity c. independence of irrelevant alternatives d. No dictators
An economist at the University of Alaska at Anchorage has been asked to explain why the price of Alaskan crude oil has fallen recently. In order to develop a model, the professor should take which steps?
A. Identify the problem, develop a model based on simplifying assumptions and test the model to formulate a conclusion. B. Gather data on crude oil prices and seemingly unrelated variables to look for associations, then formulate a hypothesis based on those unexpected associations. C. Ask people in Alaska why they are not purchasing oil. D. None of these. The oil industry is controlled by a cartel; therefore price changes in the industry cannot be explained using economic theories.
Which cost measures the cost to society of producing a good?
A. Social cost B. External cost C. External cost and social cost D. Internal cost