In the U.S. in 2012 the poverty level for a family of four was about
A) $23,000.
B) $34,000.
C) $10,000.
D) $15,000.
A
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When a person has a comparative advantage in producing a good or service, the person has
A) a higher opportunity cost in producing that product than someone else. B) a constant opportunity cost in producing that product. C) a decreasing opportunity cost in producing that product. D) a lower opportunity cost in producing that product than someone else. E) an increasing marginal benefit in producing the good.
According to economists of the rational expectations school, _____
a. the passive approach must be adopted because they believe the economy is too complex b. individual forecasts about policies can never be right c. anticipated monetary policy can affect the output level d. discretionary policy can stabilize the economy e. discretionary policy should be completely avoided
Compensation of employees:
a. excludes the monetary value of fringe benefits. b. excludes paid vacations. c. is the largest component of GDP. d. excludes employer's taxes paid for employees' Social Security. e. includes rental income.
If interest rates in the U.S. are higher than elsewhere, it will cause
a. the demand for dollars to decrease b. the supply of dollars to increase c. the exchange value of the dollar in relation to other currencies to fall d. the dollar to depreciate e. the demand for dollars to increase