Poverty is defined in two ways: the absolute concept of poverty and the relative concept of poverty.
Answer the following statement true (T) or false (F)
True
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Suppose that inflation is at the target rate and output has fallen substantially below potential output. A central bank with a primary objective of price stability should ________
A) do nothing, because inflation cannot rise when unemployment is high B) ease monetary policy, to avoid a decrease in the inflation rate C) do nothing, because stabilizing economic activity is not a primary objective D) ease monetary policy, because avoiding high unemployment is more important than avoiding high inflation E) none of the above
Which of the following is a contractionary fiscal policy that decreases the level of aggregate demand?
a. reduced business taxes b. reduced government spending c. reduced payroll taxes d. reduced personal income taxes
The long-run market supply curve in a competitive market will
a. always be horizontal. b. be the portion of the MC that lies above the minimum of AVC for the marginal firm. c. typically be more elastic than the short-run supply curve. d. be above the competitive firm's efficient scale.
Refer to the figure below. If Jess chooses A, then Cory's best response is: 
A. to choose A. B. to choose B. C. to choose the cell in which Cory's payoff is 10. D. non-existent.