Refer to Scenario 17.2. An employer who only wants to hire those people who find learning less costly can do so by choosing y* to be anywhere between A) 15 and 45. B) 15 and 30. C) 13 1/3 and 30. D) 8 and 20. E) none of the above ANSWER B
Date: September 9th, 2020
If a competitive firm’s marginal cost curve is U-shaped then A) its short run supply curve is U-shaped too B) its short run supply curve is the downward-sloping portion of the marginal cost curve C) its short run supply curve is the upward-sloping portion of the marginal cost curve D) its short run supply curve […]
Date: September 9th, 2020
Some luxury product manufacturers will purposefully raise prices on their goods in order to reduce sales volume. This strategy may successfully increase sales revenue if the luxury goods are subject to the ________ effect and have relatively ________ demand. A) bandwagon, elastic B) bandwagon, inelastic C) snob, elastic D) snob, inelastic ANSWER D
Date: September 9th, 2020
Two isoquants, which represent different output levels but are derived from the same production function, cannot cross because A) isoquants represent different utility levels B) this would violate a technical efficiency condition C) isoquants are downward sloping D) additional inputs will not be used by profit maximizing firms if those inputs decrease output E) Both […]
Date: September 9th, 2020
The total revenue graph consistent with Table 8.1 is A) linear and upward-sloping. B) linear and horizontal. C) linear and vertical. D) linear and downward-sloping. E) concave downwards. ANSWER A
Date: September 9th, 2020
The official government measure of poverty uses the relative approach to defining poverty. Indicate whether the statement is true or false ANSWER F
Date: September 9th, 2020
Most cultural theories of poverty assert that the poor lack sufficient desire and motivation to escape poverty. Indicate whether the statement is true or false ANSWER T
Date: September 9th, 2020
Your 65-year-old father is going to retire next year. He would like to have an income of $20,000 per year for the remainder of his life. If he is expected to live for ten more years, write an algebraic expression to indicate the amount of money he needs today to pay him this sum of […]
Date: September 9th, 2020
The norms, values, and aspirations of a group are directly observable. Indicate whether the statement is true or false ANSWER F
Date: September 9th, 2020
In the short run, a perfectly competitive firm earning positive economic profit is A) on the downward-sloping portion of its ATC. B) at the minimum of its ATC. C) on the upward-sloping portion of its ATC. D) above its ATC. E) below its ATC. ANSWER C
Date: September 9th, 2020
