If we include cash benefits and in-kind benefits available to low-income people, the share of the U.S. population in poverty
A) drops dramatically.
B) increases somewhat.
C) increases dramatically.
D) does not change.
Answer: A
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For a person to have a comparative advantage in producing a product, he must be able to produce that product at a higher opportunity cost than his competitors
Indicate whether the statement is true or false
Suppose the company that owns the vending machines on your campus has doubled the price of a can of soda. If they then still sell almost the same number of sodas per day, this suggests:
A. soda purchases represent a large fraction of students' budgets. B. there are few other places to purchase soda on campus. C. the price elasticity of demand for soda is equal to 1. D. students do not have good nutritional information.
Which of the following would definitely not be included in the measurement of GDP?
A) value of the services of a painter who paints your garage B) value of the services of a person who mows his or her own lawn C) value of the services of a maid who cleans your house D) value of the services of a plumber who fixes your kitchen sink
What would an increase in U.S. trade barriers result in?
(A) Lower prices for consumers. (B) An increase in trade for the United States. (C) A decrease in trade for the United State. (D) Increased efficiency in U.S. production.