The ______ is defined as the percentage of the population earning less than a certain threshold.
a. poverty line
b. working poor
c. lowest quintile
d. poverty rate
b. working poor
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The above figure shows the reaction functions for two pizza shops in a small isolated town. Compare the Cournot, Stackelberg, cartel, and competitive equilibria in terms of total output and welfare
What will be an ideal response?
Deflation:
a. was prevalent during the oil shocks of the 1970s. b. will cause consumers' purchasing power to shrink. c. has been persistent in the U.S. economy since the Great Depression. d. none of these.
Which of the following statements illustrates diminishing marginal utility?
a. An extra dollar of income to a poor person provides that person with more additional utility than does an extra dollar to a rich person. b. An extra dollar of income to a poor person provides that person with less additional utility than does an extra dollar to a rich person. c. An extra dollar of income to a poor person provides that person with the same additional utility as does an extra dollar to a rich person. d. An extra dollar of income to a poor person provides that person with the same total utility as does an extra dollar to a rich person.
An example of income received but not earned is
A) government transfer payments. B) undistributed profits. C) compensation of employees. D) rental income. E) a and c