The lowest percentage of the U.S. population in poverty is found when using which measurement of household resources?
A) private income only
B) private income plus cash benefits
C) private income with cash and in-kind benefits
D) private income with Social Security payments subtracted
C
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The reason that the coffeehouse market is monopolistically competitive rather than perfectly competitive is because:
The long-run effect of an increase in the growth rate of the quantity of money is a
A) higher nominal interest rate. B) lower nominal interest rate. C) lower real interest rate. D) lower inflation rate. E) higher real interest rate.
Which of the following is NOT true for a perfectly competitive firm in the long run?
A) MR = MC B) MC > LAC C) Price = MC D) SAC = LAC
Suppose that an economics professor selects two students, Audrey and Michael, to participate in a classroom experiment. The professor gives Audrey twenty $1 bills. Audrey must pick an allocation of the twenty $1 bills to offer to Michael. If Michael accepts the allocation, each student keeps his or her portion of the money. If Michael rejects the allocation, the professor keeps the $20, and each
student receives nothing. Audrey selects $19 for herself and $1 for Michael. Based on the studies of human decision making, which of the following statements is correct? a. If Michael accepts the offer, he is behaving rationally. b. If Michael rejects the offer, he may value fairness more than $1. c. If Michael rejects the offer, Audrey made a bad choice by trying to keep $19 for herself. d. Any of the above could be correct.