A person who has given up looking for work is termed a _____.
Fill in the blank(s) with the appropriate word(s).
discouraged worker
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If the quantity of housing demanded ________ the quantity of housing supplied, scarce housing resources are allocated efficiently because the marginal cost of the housing ________ the marginal benefit
A) is more than; equals B) is less than; equals C) equals; is more than D) equals; is less than E) equals; equals
Tying products can be a profitable strategy for facilitating price discrimination only when:
a. the demands for the goods are unrelated. b. the supply of one of the tied products is low. c. the demands for the goods are related. d. the market for one of the goods is competitive.
The theory of consumer choice is to demand as the theory of
a. public goods is to supply. b. oligopoly is to supply. c. the competitive firm is to supply. d. comparative advantage is to supply.
Suppose in the year 2000 Ken earned $60,000 per year and that in 2015 he earned $78,000 per year. If the CPI in the year 2000 was 172.2 and in 2015 was 236.7, which of the following statements is correct? a. Ken's standard of living got better from 2000 to 2015
b. If Ken had earned $81,000 in 2015, his standard of living would have improved relative to his income in 2000. c. Ken would have needed to earn $87,000 or more in 2015 for his standard of living to have improved relative to his income in 2000. d. If Ken had earned $83,000 in 2015, his standard of living would have improved relative to his income in 2000.