Critics of the U.S. definition of poverty claim that:
A. it is set too low, because of higher food prices relative to essential goods and services.
B. it is set too high, because of lower food prices relative to essential goods and services.
C. it is set too low, because of lower food prices relative to essential goods and services.
D. it is set too high, because of higher food prices relative to essential goods and services.
Answer: C
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The demand for a monopoly's output is p = 100 - Q. The firm's production function is Q = 2L. Which of the following is the firm's demand for labor?
A) w = 200 - 8L B) w = 200 - 4L C) w = 100 - L D) w = 2L
Suppose parents hire a baby sitter to take care for their young child while they go out to dinner. The parents want the baby sitter to play and read stories to their child while they are away, but the baby sitter would prefer to put the child to bed and watch television. Once the parents leave, if the baby sitter puts the child to bed and watches television, this is an example of ________.
A) moral hazard B) the lemons problem C) screening D) adverse selection
An important effect of fractional reserve banking is that: a. bankers' choices about how much to lend can affect the money supply
b. the commercial banking system has complete control over total reserves. c. bankers always turn every dollar of excess reserves into loans. d. a new bank deposit allows a bank to extend loans of the same amount to borrowers.
Under perfect competition and monopolistic competition, profits are zero in long-run equilibrium.
Answer the following statement true (T) or false (F)