The poverty rate in 2008 was _________ the poverty rate in 1960.
A. much lower than
B. a little lower than
C. about the same as
D. a little higher than
A. much lower than
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Assume a perfectly competitive firm is producing a level of output at which MR < MC. What should the firm do to maximize its profits?
A) The firm should do nothing — it wants to maximize the difference between MR and MC in order to maximize its profits. B) The firm should decrease output. C) The firm should increase price. D) The firm should increase output.
The quantity theory of money of the Classical economists says that a change in the money supply will produce a:
a. proportional change in the price level. b. greater than proportional change in the price level. c. less than proportional change in the price level. d. wide variation in the velocity of money.
Which of the following statements is correct?
a. The demand for natural gas is more elastic over a short period of time than over a long period of time. b. The demand for smoke alarms is more elastic than the demand for Persian rugs. c. The demand for bourbon whiskey is more elastic than the demand for alcoholic beverages in general. d. All of the above are correct.
Which of the following was a result of the Depository Institutions Deregulation and Monetary Control Act of 1980 (DIDMCA)?
A. All checkable deposits, whether at commercial banks, savings banks, savings and loan associations, or credit unions will have the same reserve requirements. B. The Fed has the power to change the reserve requirement on checkable deposits at commercial banks but not credit unions. C. The Fed has the power to set the reserve requirement on checkable deposits at credit unions, but once set, the reserve requirement cannot be changed for two years. D. Commercial and savings banks are regulated by the Fed, but credit unions and state banks are not subject to regulations, but must pay dues to the Fed.