The poverty line is adjusted each year to reflect changes in the
a. number of people currently on public assistance.
b. level of prices.
c. nutritional content of an "adequate" diet.
d. size of a family.
b
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Suppose we observe people buying more of a good even though its price has risen. What would an economist conclude?
A) Impossible! We will never observe prices and quantity simultaneously rising in the real world. B) The demand curve for the good must be upward-sloping. C) The law of demand doesn't hold. D) The demand curve has shifted to the right. E) Consumption increasing as prices increase only occurs when a good is needed for survival.
The relationship among interest rates on bonds that all mature at the same time is known as the
A) term structure of interest rates. B) risk structure of interest rates. C) term premium. D) Treasury yield.
How might a real business cycle theorist explain the "Volcker recession" of the early 1980s?
What will be an ideal response?
Best Lights wants to prevent Bright Lights from entering the light bulb market. If Best Lights expands its capacity, the expansion can lead to all of the following except which one?
A) decrease Bright Lights' profit from entering the market B) lower Best Lights' profit-maximizing price C) lower Best Lights' profit-maximizing quantity D) lower Best Lights' marginal cost