Which of the following would be a legitimate government activity in the U.S. economy?
A. Enforcing child labor laws.
B. The enactment of antitrust laws to protect consumers.
C. The regulation of water pollution.
D. All of the choices are correct.
Answer: D
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Which of the following is typically not counted in GDP?
A) any nonmarket good and services B) income generated from apartment rentals C) illegal drug sales D) all of the above E) none of the above
For a typical product, a decrease in consumer income will cause the market demand for the product to
a. decrease, which is a shift to the left of the demand curve. b. decrease, which is a shift to the right of the demand curve. c. increase, which is a shift to the left of the demand curve. d. increase, which is a shift to the right of the demand curve.
A study by Kathryn Edin and Laura Lein found that
A. virtually all single mothers—whether working or receiving public assistance—had to supplement their income with money from relatives, boyfriends, or the absent father of their children. B. most welfare families lived very comfortably on their public assistance checks, supplemented by Medicaid, public housing, and food stamps. C. only half the number of Americans officially below the poverty line were actually poor. D. government assistance hurt the poor much more than it helped the poor.
Decision makers in oligopolistic firms must devise a strategy. One that yields the highest benefit, regardless of what the other players do is a
A) pricing strategy. B) rule-of-thumb strategy. C) dominant strategy. D) revenue strategy.