A census area that has a poverty rate of 40 percent or greater and is associated with increased crime, poorer health outcomes, failing schools, and decreased employment opportunities is known as:
a) decentralized poverty.
b) an urban area.
c) a rural area.
d) concentrated poverty.
Answer: d) concentrated poverty.
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Suppose that when the price of ice cream increases, Liza decreases her purchase of hot fudge. To Liza,
A) ice cream and hot fudge and substitutes. B) ice cream is a normal good and hot fudge is an inferior good. C) ice cream and hot fudge are normal goods. D) ice cream and hot fudge are complements.
The government imposes a maximum price on apartments that is below the equilibrium price. You accurately predict that
A. the law will have no economic impact. B. the law will create a surplus of apartments. C. landlords are less likely to do routine maintenance work in the apartments. D. renters will find that landlords start offering to furnish the apartments.
The supply curve in a market is vertical instead of upsloping whenever:
A. All buyers are willing to pay only one price for the item B. Sellers have no flexibility in setting the price of the item C. Buyers want to buy a fixed quantity regardless of price D. Sellers have a fixed quantity of the item for sale
The largest category of gross domestic income is
A. interest. B. wages. C. profits. D. rent.