The federal poverty line is set at about three times the cost of providing ______.
a. a new car
b. a nutritious diet
c. an average house
d. an acre of land
b. a nutritious diet
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Janie convinces her uncle Seymour that she is on the Dean's list each semester and asks him to lend her $5,000 to help pay for her college tuition for the upcoming year, assuring him that she will be able to pay him back as soon as she graduates and
gets a job. In reality, Janie has flunked out of college, has spent all her savings on food for her 40 ferrets, and wants to use the money to bail her boyfriend out of jail. Not being honest with her uncle when asking for the loan is an example of ________, and spending the borrowed money to pay her boyfriend's bail is an example of ________. A) moral hazard; asymmetric information B) moral hazard; the principal-agent problem C) adverse selection; moral hazard D) the principal-agent problem; adverse selection
It is easy for a firm to change the capital equipment it is using in the short run by going to the loanable funds market
Indicate whether the statement is true or false
A characteristic of monopolistically competitive industries is that:
A. the entry and exit of firms causes the representative firm to break even in the long run. B. the representative firm produces at that level of output where marginal cost equals minimum average total cost. C. the representative firm is not very responsive to changes in consumer demand. D. there is product differentiation but only limited advertising of products by the representative firm.
Which of the following is a common long-run response for a firm that is making a profit in the short run?
a. It will invest more resources in other firms. b. It will cut back the firm’s resources. c. It will invest more resources in the profitable process. d. It will keep allocation of the firm’s resources the same.