Which of the following people is most likely to be classified as "working poor"?
(A) Jim, who is a full-time student with a work-study job in the college library.
(B) Carol, a single mother who works 35 hours a week at a job that pays slightly above minimum wage.
(C) Jason, who is working part time as a construction worker so he can devote time to starting up a real estate business.
(D) Dolores, who has an advanced degree and works 40 hours a week.
Ans: (B) Carol, a single mother who works 35 hours a week at a job that pays slightly above minimum wage.
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The "all other things unchanged" assumption is useful because it:
A) states the main economic objectives. B) is a vehicle for determining whether a particular outcome is "good" or "bad.". C) helps to approximate real-world conditions. D) helps to restrict analysis to the effect of a single economic factor.
What would be the economic dangers of eliminating patent protection in the pharmaceutical industry as a means of "eliminating monopoly power"?
What will be an ideal response?