Which of the following groups has the lowest poverty rate?
a. blacks
b. Asians
c. children (under age 18)
d. female households, no spouse present
b
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On most days the price of a rose is $1 and 80 roses are purchased. On Valentine's Day the demand increases so that the price of a rose rises to $2 and 320 roses are purchased. Therefore, the price elasticity of
A) demand for roses is about 1.8. B) demand for roses is about 0.55. C) supply of roses is about 1.8. D) supply of roses is about 0.55.
A large farm uses fertilizer that nearby landowners complain may contaminate their water. Tests are conducted and contaminants are found. The costs resulting from this decision are referred to as
A) implicit costs. B) factor costs. C) external costs. D) opportunity costs.
Which of the following market structures is (are) capable of earning positive economic profits in the long run?
A) monopoly B) oligopoly C) monopolistic competition D) Both A and B.
The demand curve for Widgets is given by
QD = 5800 - 200p + 30pG where QD is the quantity of widgets demanded, y is the per capita income and pG is the price of Gizmos. The supply of Widgets is given by: QS = 250p - 1250 a. Solve for the equilibrium price and quantity of widgets in terms of the price of Gizmos. b. Compute the comparative static derivatives for the changes in the equilibrium price and quantity of Widgets with respect to a change in the price of Gizmos.