Which of the following is true?
A. The poverty rate among the elderly is greater than the poverty rate among children.
B. The poverty rate among blacks is greater than the poverty rate among whites.
C. The poverty rate among Hispanics is less than the poverty rate among whites.
D. The poverty rate among men is greater than the poverty rate among women.
Answer: B
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At the midpoint of a straight-line demand curve, the price elasticity of demand is:
A. greater than one. B. zero. C. less than one. D. equal to one.
What problems does a command economy face when it tries to determine what to produce for the economy?
What will be an ideal response?
The hidden-cost fallacy occurs when
a. A firm considers irrelevant costs b. A firm ignores relevant costs c. A firm considers overhead or depreciation costs to make short-run decisions d. Both a and c
Monopolistically competitive industries consist of
a. one firm selling several products b. one firm selling one product c. many firms, all selling identical products d. many firms, each selling a slightly different product e. many firms, each selling a completely different product