In 2012, approximately what income level was the cut-off point for defining a family as "rich"?
a. $72,000
b. $104,000
c. $143,000
d. $195,000
b
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Suppose the value of the price elasticity of supply is 4. What does this mean?
A) For every $1 increase in price, quantity supplied increases by 4 units. B) A 1 percent increase in the price of the good causes quantity supplied to increase by 4 percent. C) A 1 percent increase in the price of the good causes the supply curve to shift upward by 4 percent. D) A 4 percent increase in the price of the good causes quantity supplied to increase by 1 percent.
In a small country, the net national cost of tariff protection is equal to the reduction in consumer surplus minus
A) the gain to foreigners. B) the increase in government revenue and the increase in producer surplus. C) the increase in government revenue. D) the increase in producer surplus. E) the efficiency loss and the consumption side loss.
Keynesian economists link the start of the Great Depression to the drop in construction spending and the downturn in consumption following the stock market crashes of 1929
Indicate whether the statement is true or false
The fact that wage differentials continue to exist across different groups of workers leads economists to believe that
a. discrimination by customers is the most common type of economic discrimination. b. differences in human capital and job characteristics must be important in explaining the differences in wages. c. firms apparently are not profit maximizers. d. the market has failed to properly allocate wages to different workers.