What has been the trend in eliminating poverty since 1960?
What will be an ideal response?
Progress was made through the 1960s, particularly with President Johnson’s “War on Poverty.” The percentage of the population living in poverty was little changed in the 1970s but increased again during the 1980s. It edged down after the 1981–1982 recession but again rose during the late 1980s and early 1990s. Poverty rose again when the economy slumped early in this decade, declined somewhat in 2005 and 2006, and then increased sharply during the 2007–2009 recession.
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In 2013, Ozzie purchased a 2010 Ford Escort from his neighbor for his son, purchased a 2009 "one owner" Camry from Larchmont Toyota for his wife, bought a 2013 new Ford for himself, and sold his 2002 Dodge Caravan to his teenage nephew
Which, if any, of these transactions will be included in GDP in 2013? A) all four transactions B) all three purchases but not the sale C) the purchase of the Ford and the Caravan D) only the purchase of the Ford
Corporations are legally owned by their board of directors
Indicate whether the statement is true or false
In an input market, the term input refers to ______.
a. land, labor, and capital b. wages, rents, and royalties c. insurance, bonds, and credit cards d. goods, services, and products
If demand is unit elastic, then
A. the unit change in quantity demanded equals the unit change in price. B. a ten percent increase in price leads to a one percent decrease in quantity demanded. C. an increase in price of any amount leads to quantity demanded falling to zero. D. a two percent increase in price leads to a two percent decrease in quantity demanded.