Statistics on families below the poverty line may be overstated because:
A. the poor are primarily children who soon will move out of poverty.
B. poverty in the United States is rich compared to poverty in other nations.
C. the income levels used to measure poverty do not include in-kind transfers.
D. unemployment compensation is a program closed to the poor.
Answer: C
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An inferior good is
a. any good whose demand curve shifts to the left as income rises b. any good of low quality c. one that has few substitutes d. any good produced by inexpensive labor e. any good that consumers buy less of as its price falls
Which of the following is an example of limit pricing?
A. In order to buy Microsoft Windows, you must also purchase Internet Explorer. B. Bus rides are cheaper for senior citizens than for other people. C. Prices are set low enough to drive other firms out of a market. D. Prices are set low enough to prevent other firms from entering the market.
Marginal revenue product is obtained by multiplying the price of the product by the marginal resource cost
a. True b. False
A decrease in the expected price of corn would likely do the following to the current supply and demand for corn:
A) increase both the demand and the supply. B) decrease both the demand and the supply. C) increase the demand, but decrease the supply. D) increase the supply, but decrease the demand.