In determining the number of persons who are poor in the U.S. when calculating family income
A. only earnings are counted.
B. only earnings are counted, while cash transfers from the government are excluded.
C. money income, including cash transfers received from the government, is counted.
D. both earnings and the value of medical services, food stamps, and housing received are counted.
C. money income, including cash transfers received from the government, is counted.
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In monopolistic competition, product improvement and development
A) are valued by the consumer at an amount equal to the costs the producers have incurred. B) yields a marginal benefit to the producer equal to price of the good. C) is less than its efficient amount. D) None of the above answers are correct.
Specialization: a. is a way for individuals to make the best use of resources by devoting themselves to one primary productive activity. b. is a way for society to become wealthier while not using their resources
c. is a way for people to avoid having to trade. d. increases one's opportunity cost of the activity they choose to specialize in.
The law of demand states that, other things equal, when the price of a good
a. falls, the demand for the good rises. b. rises, the quantity demanded of the good rises. c. rises, the demand for the good falls. d. falls, the quantity demanded of the good rises.
Describe what happens to quantity of labor supplied when wages are at the equilibrium level, above equilibrium, and below equilibrium.
What will be an ideal response?