Poverty is a mainstream event experienced by a majority of Americans
a. True
b. False
Indicate whether the statement is true or false
False
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Which of the following is TRUE?
A) When a market price allocates resources, everyone who is able to pay the price gets the resource. B) A command system works well when the lines of authority and responsibility are clear. C) When the government decides how to allocate tax dollars among competing uses, resources are allocated by command. D) When a manager offers everyone in the company the opportunity to win a prize, resources are allocated by a market price.
Imagine yourself to be a monopsonist producing strawberries in a small Florida farming community. a. You do not have to deal with the marginal revenue product of labor. b. You can control the price of the good. c. The wage rate is given to you and you can hire as many workers as you wish at that rate
d. You face an upward-sloping supply curve of labor and can choose any wage rate and labor combination shown on that curve. e. For your firm, labor is preferred to capital as a factor of production.
When the Fed sells bonds and drains reserves from the banking system, thereby reducing the supply of money, this policy will
a. decrease short-term interest rates to a greater degree than long-term interest rates. b. decrease long-term interest rates to a greater degree than short-term interest rates. c. increase short-term interest rates to a greater degree than long-term interest rates. d. increase long-term interest rates to a greater degree than short-term interest rates.
You won the lottery in 2006 for $22 million and gave your sister $500,000. Your winning contributed how much to GDP?
A. $500,000 B. $22 million C. $0 D. $21.5 million