What is a reason not to protest poor working conditions in factories in low-income countries?
a. It would increase the price of goods imported into the United States.
b. The working conditions are not that bad.
c. The alternative job opportunities are worse.
d. The protests have no effect on working conditions.
c. The alternative job opportunities are worse.
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What policies can a government undertake to achieve faster economic growth?
What will be an ideal response?
When the price of a hot dog rises 10 percent, your expenditure on hot dogs increases. Hence, it is certain that
A) hot dogs are a normal good for you. B) hot dogs are an inferior good for you. C) your demand for hot dogs is elastic. D) your demand for hot dogs is inelastic.
The above figure shows the utility of wealth curve for a homeowner whose only possession is a $50,000 house
If there is a 20 percent chance that the home could be entirely destroyed, would this person buy a $20,000 insurance policy to replace the house if destroyed? A) No, it is too expensive. B) No, he is not risk averse. C) Yes, the homeowner would pay even more. D) Yes, this is the most the homeowner would pay.
The elasticities of the supply and demand curves in the market for cigarettes affect how much a tax distorts that market
a. True b. False Indicate whether the statement is true or false