In the United States, long-term poverty, defined as a family having an income below the poverty line for eight or more years, is
a. common, affecting approximately 25 percent of all American families.
b. common, affecting approximately 15 percent of all American families.
c. uncommon, affecting approximately 8 percent of all American families.
d. rare, affecting approximately 3 percent of all American families.
d
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We could increase the production of both heart transplants and round-the-world trips if we moved to point T from point
A. P.
B. Q.
C. R.
D. S.
The insight that patterns of trade are primarily determined by international differences in labor productivity was first proposed by
A) Adam Smith. B) David Hume. C) David Ricardo. D) Eli Heckscher. E) Lerner and Samuelson.
In the Keynesian model in the long run, an increase in taxes causes the price level to ________ and the real interest rate to ________
A) fall; rise B) fall; fall C) rise; rise D) rise; fall
Refer to the above figures. An external benefit exists. This will lead to a(n)
A) underproduction equal to Q1 minus Q2. B) overproduction equal to Q4 minus Q3. C) underproduction equal to Q4 minus Q3. D) overproduction equal to Q1 minus Q2.