_____ are the primary population group with poverty-level incomes in the USA
a. Single-income households
b. Households headed by males
c. College graduates
d. People who do not have high school education
e. Retired individuals
d
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The opportunity cost of leisure is approximated by:
a. the price of leisure activities (such as theater tickets). b. an individual's hourly real wage rate. c. commuting expense. d. an individual's total income.
Assume the market for candles is competitive. A decrease in the market price of candles
a. decreases the demand for workers who make candles and decreases their equilibrium wage. b. decreases the demand for workers who make candles and increases their equilibrium wage. c. increases the demand for workers who make candles and decreases their equilibrium wage. d. increases the demand for workers who make candles and increases their equilibrium wage..
Which rate is the rate lenders charge their most trustworthy business borrowers?
a. discount b. commercial c. prime d. LIBOR
If monopolistically competitive firms earn short-run economic profits, we expect to see
A. new firms trying to enter the industry, but unable to do so because of barriers to entry. B. existing firms altering their scale of plant to try to capture larger profits. The combined effect is to cause all firms to earn zero economic profits. C. existing firms increasing prices to try to capture larger economic profits. D. new firms enter the industry, which shifts the demand curves of the existing firms to the left until firms earn zero economic profits.