Which is the most accurate statement?
A. The federal minimum hour wage rate puts millions of Americans above the poverty line.
B. Most black families live below the poverty line.
C. In 2008 the poverty rate was higher than it was in 2006.
D. Welfare Reform basically eliminated poverty as a major socioeconomic problem.
C. In 2008 the poverty rate was higher than it was in 2006.
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Emission permits allow producers to pollute an unspecified amount
a. True b. False Indicate whether the statement is true or false
In 1980, in order to stimulate agricultural production, Fidel Castro allowed Cuban farmers to sell their goods directly to consumers and keep whatever profit they made. Some farmers were earning $50,000 per year, compared with the average worker income of $2,400 . The workers resented this. Castro denounced the farmers as "capitalist gangsters" and closed the free markets. Cuban cash income
declined five percent and fresh vegetables were in short supply. This illustrates the economic concept of the a. law of comparative advantage. b. equality-efficiency trade-off. c. cost disease of the service sector. d. unemployment-inflation trade-off. e. All of the above are correct.
Economists believe that in regards to criminal behavior:
a. people engage in criminal activity because they are genetically predisposed to do so. b. those choosing to commit criminal acts weigh the expected marginal benefits versus the expected marginal costs. c. individuals are irrational and don't respond to incentives. d. economics can shed very little light on the subject
In long-run equilibrium, both purely competitive and monopolistically competitive firms will:
A. produce at minimum average total cost. B. earn economic profits. C. achieve allocative efficiency. D. equate marginal cost and marginal revenue.