When determining whether a family's income is below the official poverty rate, non-cash benefits from the government, such as food stamps, housing and medical benefits, are also included
a. True
b. False
Indicate whether the statement is true or false
False
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Which of the following statements is true?
A) Under monopoly, the seller sets the price of its good below marginal costs. B) Under perfect competition, sellers set the price of their goods below marginal costs. C) Under monopoly, prospective buyers may not be able to buy a good even if they have a willingness to pay above marginal costs. D) Under perfect competition, prospective buyers may not be able to buy a good even if they have a willingness to pay above marginal costs.
Which of the following statements illustrates diminishing marginal utility?
a. An extra dollar of income to a poor person provides that person with more additional utility than does an extra dollar to a rich person. b. An extra dollar of income to a poor person provides that person with less additional utility than does an extra dollar to a rich person. c. An extra dollar of income to a poor person provides that person with the same additional utility as does an extra dollar to a rich person. d. An extra dollar of income to a poor person provides that person with the same total utility as does an extra dollar to a rich person.
An increase in the demand for bonds
A) raises the interest rate and increases equilibrium quantity of bonds. B) raises the interest rate and decreases equilibrium quantity of bonds. C) lowers the interest rate and decreases equilibrium quantity of bonds. D) lowers the interest rate and increases equilibrium quantity of bonds.
If an economy described by the production function Y=K0.5, has 30 percent of output invested in new capital and 6 percent of the capital stock depreciated each year, what is the steady state level of output?
A) 1.8 units B) 3 units C) 5 units D) 6 units