Which of the following observations concerning the absolute definition of poverty is true?
a. It is based on average income.
b. It is an optimistic definition.
c. It is not arbitrary in nature.
d. It is a cultural definition.
b
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Regulation might NOT increase total surplus because
A) the costs of the regulation might outweigh the benefits. B) it may not be possible to gather the information necessary to set prices correctly. C) regulators might get captured by the industry. D) All of the above.
In a free market, the quantity demanded will not exceed the quantity supplied of a resource, even if it is undergoing rapid depletion.
Answer the following statement true (T) or false (F)
Crowding in occurs when government spending, by raising Real GDP, induces increases in private investment spending.
Answer the following statement true (T) or false (F)
Saving time by driving faster is an example of a ________ of driving faster. Increasing the severity of injuries from a potential accident due to driving faster is a(n) ________ of driving faster.
A. nominal cost; real cost B. marginal cost; nominal cost C. marginal benefit; marginal cost D. normative benefit; opportunity cost