If the cost of the Department of Agriculture's minimum food budget for two people is $2,000 per year, the official poverty line for a family of two would be
A. $667.
B. $2,000.
C. $6,000.
D. $12,000.
Answer: C
You might also like to view...
Governments impose excise taxes on goods that have inelastic demand, such as cigarettes, more often than in other cases. Why?
What will be an ideal response?
The consumption function shows
a. how fast the economy is consuming its capital. b. that the amount of national income determines the rate at which the economy consumes its resources. c. that households’ incomes determine how much the households will spend for consumer goods. d. the rate at which people actually use up their consumer goods.
Which of the following is a reason why the growth rates of high-income countries can be lower than that of low-income countries?
a. In high-income countries, the invention of new technology is difficult, expensive, and time consuming. b. In high-income countries, the invention of new technology is subject to diminishing marginal returns. c. In high-income countries, the marginal cost of production increases as output increases. d. In high-income countries, the average cost of production increases as output increases.
As government becomes larger and larger as a share of the economy, economic growth is likely to decline because
a. taxes are reduced to levels that are inconsistent with economic efficiency. b. governments are involved in many activities for which they are ill-suited. c. tax-transfer activities are reduced and sometimes virtually eliminated. d. governments do not spend enough on the provision of key public goods like education.