Poverty is related to_______________?
Correct answer: C. patterns of prejudice and technological change
- A. technological changes only
- B. lack of work ethic
- C. patterns of prejudice and technological change
- D. discrimination only
Explanation
Poverty can be reinforced by prejudice and discrimination, while technological change can eliminate some jobs or reduce demand for certain skills. It cannot be explained solely by work ethic or technology.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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