Which statement is true?
A. Welfare payments are set by the federal government and are the same for all states.
B. Only the industrial states of the northeast, Midwest, and the far west have welfare programs.
C. Most people receiving welfare benefits are black.
D. Each state sets its own welfare payments.
D. Each state sets its own welfare payments.
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Suppose Target decided to lower the price on all shirts as part of its Back to School promotion. The cross elasticity of demand between pants and shirts is negative
Lowering the price on shirts will ________ the demand for pants because shirts and pants are ________. A) increase; substitutes B) decrease; substitutes C) increase; complements D) decrease; complements
Apple, the consumer electronics giant, on Tuesday rolled out new versions of its popular iPod music player. CEO Steve Jobs also unveiled cheaper models of its Touch music player, a touchscreen-only device
An 8-gigabyte version now costs $230, down from $300. A 32-gigabyte model costs $400, down from $500. Calculate the price elasticity of demand for a 32 gigabyte Touch player if the quantity demanded increases from 850,000 to 950,000 the month after the price decrease. A) 0.5 B) 1.5 C) 1 D) 0.75
Consider the production possibilities frontier in the figure shown. As more and more cars are produced the opportunity cost of producing more cars:
A. decreases.
B. stays the same.
C. increases.
D. decreases then increases.
Which of the following goods is likely to have the highest income elasticity?
A) a designer blouse B) tomato soup C) hamburger D) can of tuna