What is not included in America's poverty count?
A. In-kind transfers.
B. Immigrants.
C. High school dropouts.
D. Teen moms.
Answer: A
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On the graph above, what area represents consumer surplus when the price is $10?
A. A B. B C. C D. A and B E. B and C
Superstar professional athletes can sustain their economic rents because:
A. team owners will pay anything to win a championship. B. they are represented by highly-skilled agents. C. they have unique talents that they can sell to the highest bidder. D. their opportunity costs of playing their sport are high.
Answer the next question using the following budget information for a hypothetical economy. Assume that all budget surpluses are used to pay down the public debt. Government SpendingTax RevenuesGDPYear 1$450$425$2,000Year 25004503,000Year 36005004,000Year 46406205,000Year 56805804,800Year 66006205,000A budget surplus occurred in
A. Year 2. B. Year 3. C. Year 4. D. Year 6.
Equilibrium in a perfectly competitive market results in the greatest amount of economic surplus, or total benefit to society, from the production of a good. Why, then, did Joseph Schumpeter argue that an economy may benefit more from firms that have
market power than from firms that are perfectly competitive? What will be an ideal response?