Generally, official poverty measures ignore
A. the impact of taxes.
B. the value of in-kind transfers.
C. the value of medical expenses that are paid by the government.
D. all of these answer options are correct.
D. all of these answer options are correct.
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If this is a closed economy, how many bikes will be produced?
A. 80,000 B. 50,000 C. 100,000 D. 20,000
What is the budget line for consumption (C) and leisure (L) if a person faces a constant wage of $10 per hour, there are 112 hours in the week to work, and she receives nonlabor income of $220 per week?
A. C = 1340 B. C ? 10L = 900 C. C + 10L = 1340 D. L = 10C + 220 E. 10C ? L = 900
If demand is perfectly inelastic, then:
A. the demand curve is vertical. B. the own price elasticity of demand is infinite in absolute value. C. a small increase in price will lead to a situation where none of the good is purchased. D. None of the statements is correct.
You have an absolute advantage whenever you
A) are better educated than someone else. B) can produce more of something than others with the same resources. C) prefer to do one particular activity. D) can produce something at a lower opportunity cost than others.