The problem with using a basic needs measure of poverty is that
a. the median income changes
b. what we think of as basic needs now differs from what basic needs were 20 years ago
c. we don't know how to measure basic needs
d. basic needs is a relative concept of poverty
e. population changes
B
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T-Shirt Enterprises is operating in a perfectly competitive market. It is producing 3,000 t-shirts and selling them for $10 each. At this level of output, the average total cost is $10.50 and the average variable cost is $10.20. Based on these data, the firm should
A. decrease production to 2,500 t-shirts. B. shut down in the short run. C. continue to produce 3,000 t-shirts. D. increase production to 3,500 t-shirts.
Countries gain from specializing in producing goods in which they have ________ and trading for goods in which other countries have ________
A) a comparative advantage; an absolute advantage B) an absolute advantage; an absolute advantage C) an absolute advantage; a comparative advantage D) a comparative advantage; a comparative advantage
Give some examples of oligopolistic behavior among the major fast food companies
What will be an ideal response?
Technological improvement
A) can hide the presence of diminishing returns. B) can be shown as a shift in the total product curve. C) allows more output to be produced with the same combination of inputs. D) All of the above are true.