Which of the following statements is correct?
a. About 25 percent of the U.S. population earns an income below the poverty line.
b. About 50 percent of blacks earn an income below the poverty line.
c. Since 1980 the fraction of persons below the poverty level has risen sharply.
d. None of these.
d
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If the rate at which one can borrow loanable funds is fixed at 8 percent, the marginal factor cost of employing 8 units of loanable funds is
a. zero b. 64 percent c. 8 percent d. 1 percent e. unable to determine with this information
Related to the Economics in Practice on p. 716: By 2001, the majority of the fishing fleet in the Indian state of Kerala had mobile phones. As a result of the introduction of mobile phone service to this fishing industry, ________ increased and ________ decreased.
A. consumer prices; productivity B. competition; profits C. profits; consumer prices D. consumer prices; competition