The official definition of poverty is
A) exactly the 10 percent of U.S. residents with the lowest incomes.
B) exactly the 20 percent of U.S. residents with the lowest incomes.
C) exactly the 50 percent of U.S. residents with the lowest incomes.
D) a relative measure.
Answer: D
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People must make choices because
A) most people enjoy shopping. B) of scarcity. C) there are many goods available. D) the question "What goods and services are produced?" is not adequately answered. E) making choices is in the social interest.
Which of the following countries is the leader of foreign-held U.S. debt as of April 2010?
a. Russia b. China c. Brazil d. United Kingdom
Answer the following statement(s) true (T) or false (F)
1. When supply and demand move at the same time, the change of one variable (price or quantity) can be predicted, but the direction of the effect on the other variable cannot be predicted with any certainty. 2. If the decrease in demand is greater than the increase in supply, the equilibrium price and equilibrium quantity will fall. 3. An increase in supply and an increase in demand causes a decrease in equilibrium quantity. 4. For HD televisions, the effect of increased supply pushing prices down outweighed the effect of increased demand pushing prices up.
In a decreasing-cost industry, an increase in industry output will
A) lead to a higher market price. B) lead to a lower market price. C) shift each firm's average fixed cost curve up. D) shift each firm's short run supply curve up.