Which of the following is an absolute measure of poverty?
a. Gini co-efficient
b. Per capita income
c. HiLo ratio
d. Hoover index
e. Theil index
b
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Starting from long-run equilibrium, an increase in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. lower; higher D. higher; potential
If the price of a good is decreased and total revenue received from the sale of this good does not change, then the price elasticity of demand for the good is
A) elastic. B) inelastic. C) unitary. D) None of the above
The consumer faces a budget constraint because the market price of X is $3, the market price of Y is $3, and the consumer's budget is $90. In order for this consumer to choose the corner solution at point E, which of the following must occur?
A. price of Y must rise to $6. B. price of X must rise to $6. C. price of Y must rise to $9. D. price of X must rise to $9.
At Rick’s Trailer Trove, Rick’s buddy Theodore convinces him to extend production of trailers beyond the current production level in order to gain more producer surplus. This strategy will work if ______.
a. current production exceeds the equilibrium point b. current production is at the equilibrium point c. the cost of the additional output exceeds what the buyers will pay for it d. the cost of the additional output is less than what the buyers will pay for it