In 2014, children under 18 were ________ percent of the general population but ________ percent of those who are poor.
A. 38.2; 52.3
B. 15.2; 52.3
C. 23.3; 33.3
D. 15.2; 43.8
Answer: C
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Would the services supplied by prostitutes and brothels be included in calculating GDP in the United States?
A) Yes, because those are final services. B) Yes, but only in those states where brothels are legal. C) No, because those services are immoral. D) No, because those are not truly economic services.
When the price of a textbook is $100, 60 copies are demanded; and when the price of that textbook goes up to $120, 30 copies are demanded. In the price range between $100 and $120, the demand for the textbook is
A) elastic. B) inelastic. C) unit elastic. D) perfectly elastic.
Which of the following explains most accurately why the firm's short-run marginal cost curve will eventually rise?
a. As more of the variable factor is used, its price will rise. b. When diminishing marginal returns set in, it will take ever-larger quantities of the variable resources to produce an additional unit of output. c. As the variable factor is used more intensely, its marginal product will rise, causing an increase in marginal costs. d. As the size of the firm increases, the operational efficiency of the firm declines, causing an increase in marginal costs.
Which of the following prohibits executives of competing firms from even talking about fixing prices?
a. Sherman Act b. Clayton Act c. Federal Trade Commission d. U.S. Justice Department