Which of the following is not associated with global poverty?
A. Long life expectancy.
B. The inequality trap.
C. Prevalence of HIV.
D. Lack of education.
Answer: A
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Answer the next question(s) based on the data contained in the following table.Units of LaborTotal ProductProduct Price00$2.201152.002281.803391.604481.405551.206601.10Assume that the firm is hiring labor in a purely competitive market. If the wage rate is $11, how many workers will the firm choose to employ?
A. 5 B. 4 C. 3 D. 2
An example of the quality change bias, and not a new goods bias, in the calculation of the CPI is a price increase in
A) Coke versus Pepsi. B) DVDs purchased on Craigslist, an online classified website. C) a 2013 GPS unit versus a 2008 GPS unit. D) etexts versus used books . E) pants purchased by a first-time shopper at Aeropostale.
The law of diminishing marginal utility does not hold good when the good is free or priced at zero dollars
a. True b. False Indicate whether the statement is true or false
When economists say the supply of a product has decreased, they mean that
a. the supply curve has shifted to the left. b. the product price has decreased, and as a consequence, suppliers are producing less of the product. c. producers are now willing to sell more of this product at each possible price. d. the supply curve has shifted to the right.