Self- reinforcing mechanisms that cause the poor to stay poor are called:
A. poverty traps.
B. societal traps.
C. social networks.
D. social aberrances.
Answer: A
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You are more likely to repair a leaky drainpipe yourself than hire a plumber if _____.
a. the tax rate on your earned income dramatically decreases. b. you need to purchase the specialized tools required to complete the repair work. c. you possess less knowledge and experience in plumbing repair work. d. doing the job yourself reduces the transaction costs. e. the opportunity cost of your time increases.
The figure shows the market for rental units in Gladstone. The market is in equilibrium. The government now introduces a rent ceiling of $500 a month. The price of a rental unit ________ and the number of units rented ________
A) increases by $500 per month; decreases B) increases by $100 per month; increases C) decreases by $100 per month; decreases D) remains the same; remains the same
Since 1950, the average length of a recession in the United States has been
A) such that recessions barely exist. B) less than a year. C) between 1 and 2 years. D) greater than 2 years.
One reason for the short-run aggregate supply curve (SRAS) is:
A. a fixed CPI market basket. B. perfect knowledge of workers. C. fixed-wage contracts. D. the upward-sloping production function.