What is poverty and how does its incidence vary across the races?
What will be an ideal response?
Poverty is a situation in which a household's income is too low to be able to buy the quantities of food, shelter, and clothing that are deemed necessary. Poverty is a relative concept. Minorities have historically been over-represented among those households living in poverty in the United States. In particular, 13 percent of white households live in poverty while 26 percent of Hispanic-origin households and 27 percent of black households lived in poverty.
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If the price of automobiles were to decrease substantially, the demand curve for automobiles would most likely
A) shift rightward. B) shift leftward. C) remain unchanged. D) become steeper.
The so-called "bridge to nowhere" in Alaska is an example of
A. a market failure. B. the incentive for politicians to bring home as much federal money as possible. C. a government failure. D. a market failure AND the incentive for politicians to bring home as much federal money as possible. E. the incentive for politicians to bring home as much federal money as possible AND a government failure.
The central reason why there are gains from international trade is because
A. trading allows otherwise unemployed people to have jobs. B. the rate of interest is not the same in all countries. C. resources are not equally distributed to all nations. D. those nations with absolute advantages in producing many goods can produce all of those goods at lower opportunity costs than other countries.
If the quantity demanded at a price of $10 is 2,000 and the quantity demanded at a price of $8 is 2,400, a price-discriminating monopolist would want to:
A. sell 2,000 units for $10 each and then sell an additional 400 units for $8 each. B. charge all consumers the higher price of $10 and sell 2,000 units. C. charge all consumers $8 in order to increase quantity sold to 2,400. D. sell 2,000 units for $8 each and then sell an additional 400 units for $10 each.