Community-wide poverty:
A. only creates problems in less wealthy countries.
B. creates problems beyond those faced by poor individuals living in wealthier communities.
C. is nonexistent in the developed world.
D. None of these is true.
Answer: B
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What will be an ideal response?
Economic theory suggests that the standard of living of American workers would rise if
a. the minimum wage were doubled. b. technological setbacks lowered output per worker hour. c. the amount of physical capital increased. d. automation was outlawed.
Which of the following is not how economists describe the term "economic rent?:
A. The rental price of a factor of production minus the cost of supplying it. B. The producer surplus in output markets. C. The gains that workers and owners of capital receive from supplying their labor or machinery in factor markets. D. The total revenue that a factor of production earns its owner.
Which of the following statements best describes the concept of consumer surplus?
A) "Safeway was having a sale on Dreyer's ice cream so I bought 3 quarts." B) "I was all ready to pay $300 for a new leather jacket that I had seen in Macy's but I ended up paying only $180 for the same jacket." C) "I paid $130 for a printer last week. This week the same store is selling the same printer for $110." D) "I sold my Blu-ray copy of Ben-Hur for $18 at a garage sale even though I was willing to sell it for $10."