The two ways to define poverty are which of the following?
A. Relatively and absolutely
B. Absolutely and definitely
C. Definitely and conceptually
D. Definitely and receptively
Answer: A
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Eric is maximizing his total utility through his choices of two goods: clothes and food. His marginal utility of clothes is 60 and his marginal utility of food is 12 . The price of clothes is $20 . What must be the price of food?
a. 12. b. 6. c. 4. d. 1. e. 0.
Regarding the number of discouraged workers,
a. the Bureau of Labor Statistics follows rather loose criteria to classify them. b. they are included in the official unemployment measure. c. there is universal agreement among economists that they should be counted as unemployed d. they are also known as involuntary part time workers. e. no one knows for sure how many are there.
Which of the following is a partially valid economic argument for restricting free trade?
a. Restrictions on foreign trade will increase employment and permanently reduce unemployment. b. Infant industries may need temporary protection to develop and gain productive efficiency. c. A nation needs to protect its national defense; hence, it should restrict some products that threaten an industry considered vital to its defense. d. Both b and c are correct.
The price elasticity of demand for a popular sporting event is -2. If the price of a ticket to this event increases by 10%, the quantity of tickets demanded will decrease by
A. 20%. B. 0.2%. C. 5%. D. 10%.