Critics of the U.S. definition of poverty claim that:
A. it is set too low, because of lower food prices relative to essential goods and services.
B. it is set too high, because of higher food prices relative to essential goods and services.
C. it is set too low, because of lower food prices relative to essential goods and services.
D. it is set too high, because of higher food prices relative to essential goods and services.
A. it is set too low, because of lower food prices relative to essential goods and services.
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Long-run equilibrium under monopolistic competition and perfect competition is similar in that
A) price equals marginal revenue. B) price equals marginal cost. C) firms produce at the minimum point of their average cost curves. D) firms break even.
Suppose you pre-ordered a non-refundable movie ticket to X-Men: Apocalypse. On the day of the movie you decide that you would rather not go to the movie. According to economists, what is the rational thing to do?
A) You should go to the movie to maximize your utility. B) You should not waste resources. Since you have paid for the ticket you should watch the movie. C) Your should go to the movie to minimize your losses. D) Since the cost of the movie ticket is a sunk cost, it should not influence your decision. Your decision should be based solely on whether you want to see the movie or not.
Suppose that a price ceiling is imposed because the market equilibrium is perceived to be too high. Which of the following rationing schemes makes no sense?
a. rationing fish to those willing to pay the highest price b. rationing fish by means of a lottery c. rationing fish to the elderly first d. rationing fish on a first-come, first-served basis e. rationing fish according to family size
The sum of which of the following must be equal to the adult population?
A) employed, unemployed B) employed, unemployed, labor force C) employed, unemployed, not in the labor force D) employed, unemployed, labor force, not in the labor force