The poverty rate is
A. The percentage of the population that is counted as poor.
B. An annual income of less than $29,000 for a family of four in 2014.
C. The percentage of the population that receives food stamps.
D. The income needed for an individual to be above the poverty line.
Answer: A
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Fixed exchange rates require the economic policies of countries linked by the exchange rate to be:
a. completely independent. b. complementary to each other. c. determined by the World Bank. d. similar in nature. e. determined by the International Monetary Fund.
The difference between the maximum price a consumer is willing to pay for a product and the actual price the consumer pays is called:
A. Utility B. Consumer Surplus C. Consumer Demand D. Market failure
It is ________ difficult to effectively time fiscal policy than monetary policy because ________
A) more; fiscal policy can be quickly decided and changed B) more; fiscal policy takes longer to implement C) less; monetary policy takes longer to decide and change D) less; monetary policy takes longer to implement
Monopolistically competitive firms prevent the efficient use of resources because in long-run equilibrium,
A. price is less than marginal cost. B. price equals marginal cost. C. marginal cost is greater than average total cost. D. price is greater than marginal cost.