Which of the following statements is correct?
A. About 25 percent of the U.S. population earns an income below the poverty line.
B. About 50 percent of blacks earn an income below the poverty line.
C. The area of the United States with the highest percentage of the population below the poverty line is the northeast.
D. The area of the United States with the highest percentage of the population below the poverty line is the south.
Answer: D
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To increase total revenue, firms with ________ demand should lower price, and firms with ________ demand should increase price.
A. elastic; inelastic B. unit; inelastic C. elastic; unit D. inelastic; elastic
Which function of money enhances the ability of households to accumulate wealth
A) medium of exchange B) store of value C) valuable relative to its weight D) does not become worn out too quickly
When a man invests in controlling weeds and trash that tend to accumulate in his yard, both he and his neighbors benefit from his action
Is an externality associated with his private decision? If so, explain its effect, and determine whether the efficient level of weed control occurs when the individual invests in weed control.
Holding all variables constant but one and assessing the impact of the one variable that has changed is an example of using
A) the ceteris paribus assumption. B) an economic model based on unrealistic assumptions. C) a flawed economic model. D) an untestable proposition.