Between 1989 and 1994 the poverty rate went _____.
A. down substantially
B. down slightly
C. up slightly
D. up substantially
D. up substantially
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Rising healthcare costs are attributable to
A) people living longer and desiring more care. B) reliance on expensive technology to support and prolong life. C) third-party financing of healthcare costs. D) all of the above
The average work week in the United States has declined to fewer than 40 hours even though wage rates have been increasing. The best explanation of this phenomenon is that
a. the labor supply curve shifted to the right b. the labor demand curve shifted to the right c. the income effect of rising wages outweighed the substitution effect d. the income effect of rising wages could not outweigh the substitution effect e. none of the above
Fred has decided to buy a burger and fries at a restaurant, but is considering whether to buy a drink as well. If the price of a burger is $3, fries are $2, and drinks are $1, but a value meal with all three costs $4.80, the marginal cost to Ted of the drink is:
a. $-0.20 b. $0.20 c. $0.80 d. $1.00
There are three goods you are interested in purchasing, X, Y, and Z. You notice that the price of Z has fallen. Given that the cross elasticity between Z and Y is –1.5 and the cross price elasticity between Y and X is 3.0, it would make sense that
a. Y and X are substitutes; X and Z are substitutes b. Z and X are complements; Y and X are substitutes c. Y and X are substitutes; Y is complementary to Z d. X and Z are unrelated; Y is complementary to X e. X and Z are complements; Y and Z are substitutes