1. In 2008, the portion of the U.S. population that lived in poverty was:
A. Less than 1%
B. About 5%
C. About 8%
D. More than 13%
2. The percentage of total before-tax income received by the top 20 percent of households in
2008 was about:
5 February 2017
I began to approach the funfair, from this distance it looked magical, a celestial treasure
chest of light. The clear night sky was embroidered with flashes of vibrant colours, the fl
1. If a factor of production has a fixed total supply, then payments to that factor
B. Economic rent
C. Normal profits
D. Interest payments
2. Economists would not consider which one of the following to be a productive
1. Economic efficiency requires that
a. individuals produce at their maximum level.
b. only long-lasting, high-quality products be produced without regard to cost.
c. income be distributed equally among consumers.
d. all economic activity genera
1. If the price level rises by 4 percent in a year and nominal wages increase by 2 percent, then
real wages will:
A. Decrease by 6 percent
B. Decrease by 4 percent
C. Decrease by 2 percent
D. Increase by 2 percent
2. Which of the following has
1. Marginal utility can be:
A. positive, but not negative.
B. positive or negative, but not zero.
C. positive, negative, or zero.
D. decreasing, but not negative.
2. Refer to the above data. The value for Y is:
1. Economic cost can best be defined as:
A. any contractual obligation that results in a flow of money expenditures from an enterprise to
B. any contractual obligation to labor or material suppliers.
C. payments that must be
1. The law of demand is illustrated by a demand curve that is:
C. Upward sloping
D. Downward sloping
2. When the price of oil declines significantly, the price of gasoline also declines. The latter
occurs because of a(n
1. Monopolistic competition is characterized by a:
A. few dominant firms and low entry barriers.
B. large number of firms and substantial entry barriers.
C. large number of firms and low entry barriers.
D. few dominant firms and substantial ent
1. When the percentage change in price is greater than the resulting percentage change in
A. a decrease in price will increase total revenue.
B. demand may be either elastic or inelastic.
C. an increase in price will increase
1. The strength of the demand for a resource depends on the following factors, except:
A. Supply of the resource
B. Productivity of the resource
C. Price of the product the resource helps to produce
D. Demand for the product the resource helps