Who are the "working poor"?
(A) Those who suffer from chronic health problems.
(B) Those who cannot work because they are disabled.
(C) Those who have jobs but do not earn enough.
(D) Those who cannot work because they have small children.
Ans: (C) Those who have jobs but do not earn enough.
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Refer to Table 9-14. The percentage change in real average earnings from 1965 to 2010 equals
A) 2.0 percent. B) 19.7 percent. C) 24.6 percent. D) 80.3 percent.
What happens when you withdraw cash from a bank?
A) The bank's reserves are reduced. B) The bank's reserves are increased. C) The bank's reserves are not affected. D) The bank's total reserves remain unchanged but the composition of required reserves and excess reserves change.
As production of a good increases, opportunity costs rise because:
A. there will be more inefficiency. B. people always prefer having more goods. C. of inflationary pressures. D. workers are not equally suited to all tasks.
Tom and Jerry have two tasks to do all day: make dishes and build fences. If Tom spends all day making dishes, he will have make 16 dishes. If he instead devotes his day to building fences, Tom will build 4 fences. If Jerry spends his day making dishes, he will make 14 dishes; if he spends the day building fences, he will build 7 fences. After looking at the production possibilities for both Tom and Jerry, we can conclude that:
A. Tom has the comparative advantage in fence production. B. No comparative advantage exists. C. Jerry has the comparative advantage in dish production. D. Tom has the comparative advantage in dish production.