Which of the following statements is not correct?
a. The poverty line is an absolute level of income set by the federal government below which a family is considered to be in poverty.
b. The poverty line is approximately equal to three times the cost of providing an adequate diet.
c. The poverty line is adjusted annually to reflect changes in price levels.
d. The poverty line is adjusted semiannually to reflect changes in fuel prices.
d
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Saving and investment that increase a nation's capital lead to
A) slower growth because there is a lack of consumption. B) a decrease in labor productivity as capital is used to replace labor. C) a decrease in the amount of capital per worker. D) an increase in labor productivity.
Unemployment insurance has an important macroeconomic effect because it
a. props up aggregate supply. b. props up aggregate demand. c. props up aggregate exports. d. helps balance the federal budget.
A monopolist earning economic profit in the short run determines that at its present level of output, marginal revenue is $23 and marginal cost is $30. Which of the following should the firm do to increase profit?
A. Raise price and lower output. B. Lower price and lower output. C. Raise price and raise output. D. Lower price and raise output.
The table above gives the total revenue and total cost for a perfectly competitive firm producing chocolate chip cookies. If the firm increases its output from 2 pounds of cookies to 3 pounds, the marginal cost is ________ per pound of cookies
A) $11 B) $15 C) $24 D) $39