ECON 180

The Urban economics axiom that prices adjust to achieve locational equillbrium implies a. The price of land is a reflection of the value of the location b. All land has the same inherent value c. Value of a location can only be quantified by an economist d. The price of land is not connected to its value correct answer: The price of land is a reflection of the value of the location According to the Urban Spatial Model, governments inadvertently subsidize urban sprawl with a. Agricu...

1) Scarcity exists because A) human wants exceed the resources available to satisfy them. B) some individuals have low income. C) the costs of production are high. D) some people make bad economic decisions. E) people take too much leisure time. correct answer: A 2) Which of the following statements best describes the study of economics? Economics studies how A) to organize production so that scarcity does not occur. B) firms make profits. C) we make choices in the face of scarcit...

1) Which of the following statements is true regarding the distribution of income in the United States? A) The Lorenz curve shows that incomes are distributed fairly. B) The line of equality shows that incomes are distributed equally. C) The inequality in the distribution of income can be seen because the Lorenz curve lies below the line of equality. D) The inequality in the distribution of income can be seen because the Lorenz curve lies above the line of equality. E) Both answers A and B ...

Which of the following Statements is true regarding the distribution of income in the United States? A. the Lorenz curve shows that incomes are distributed fairly B. The line of equality shows that incomes are distributed equally C. The inequality in the distribution of income can be seen because the Lorenz curve lies below the line of equality D. the inequality in the distribution of income can be seen because the Lorenz curve lies above the line of equality E. both A and D are correct co...

1) A market is defined as A) a physical place where people buy only goods. B) a physical place where people buy both goods and services. C) a store where people buy physical goods. D) any arrangement that brings buyers and sellers together. E) a place where one good is bartered for another. correct answer: D 2) The "law of demand" refers to the fact that, other things remaining the same, when the price of a good rises, A) the demand curve shifts rightward. B) the demand curve shifts...

Four types of markets correct answer: •Perfect Competition •Monopoly •Monopolistic Competition •Oligopoly Perfect competition exists when... correct answer: •Many firms sell identical products •No barriers for entry/exit •No advantages over other firms •Buyers and sellers are informed of prices Firms are... correct answer: price takers Monopoly correct answer: A market in which one firm sells a good or service that has no close substitutes and a barrier blocks ...

Less than 50% of two-parent poor families have income from earnings correct answer: False Less than 10% of two parent poor families have interests of dividend income correct answer: False The average cash income of non-poor two-parent families with children is more than six times greater than for poo two-parent families correct answer: True Around 2/3 of poor female-headed families with children receive earnings from work correct answer: True Labor force participation is a guaran...

Discrimination in the context of labor market is best described as correct answer: Practices within labor markets that result in different treatment based something other than productivity-related characteristics. According to Personal Prejudice Theories of discrimination, correct answer: Wages differ because employers have a taste for social distance from one demographic group compared to another. According to preference theories of discrimination, profit maximizing firms correct answer...

Labor services can only be________ because workers cannot be _________. correct answer: rented; be bought and sold positive economics correct answer: "what is" nomative economics correct answer: "what ought to be" economic model correct answer: grasp assumptions and predictions of economic models with respect to scarcity and rationality. persons correct answer: the objective is utility maximization firms correct answer: the objective is profit maximization Female earn...