An annual income of less than $24,000 is
A. In-kind income.
B. Below the poverty threshold.
C. The poverty rate.
D. Extreme poverty.
Answer: B
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The economic profit of a perfectly competitive firm
A) is less than its total revenue. B) equals its total revenue. C) is greater than its total revenue. D) is less than its total revenue if its supply curve is inelastic and is greater than its total revenue if its supply curve is elastic.
In monopolistic competition, each firm supplies a ________ part of the total market output and its actions ________ the actions of the other firms
A) small; do not directly affect B) small; directly affect C) large; do not directly affect D) large; directly affect
Because inflation in Germany after World War I sometimes exceeded 1,000 % per month, one can conclude that the German economy suffered from
A) deflation. B) disinflation. C) hyperinflation. D) superdeflation.
In the very long run, theoretically there will be equilibrium if capital and labor are free to migrate. If and when this ever happens, what will the global economy experience?
a. an equality of wages and marginal product b. an equality of returns to the owners of capital c. a fully Paretoefficient world economy with the highest standard of living possible d. an equality of wages and marginal product, an equality of returns to the owners of capital, and a fully Paretoefficient world economy with the highest standard of living possible