The concept of absolute poverty states that anyone who falls too far behind the average income should be considered poor.
Answer the following statement true (T) or false (F)
False
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Based on the figure below. Starting from long-run equilibrium at point C, an increase in government spending that increases aggregate demand from AD to AD1 will lead to a short-run equilibrium at point ________ creating _____gap. 
A. D; an expansionary B. B; no output C. B; expansionary D. A; a recessionary
The above figure illustrates Mary's production possibilities frontier. Which of the following movements show opportunity costs increasing?
A) point a to point b to point c B) point a to point f C) point f to point a D) point c to point f to point d
Which of the following statements regarding the requirement that a firm be granted a license to operate in a particular market is false?
A) Advocates of licensing maintain that the practice is necessary to maintain quality of service. B) One of the economic effects of a license requirement is to constrain the available supply of the affected good or service. C) The requirement that they be licensed ensures that the affected firms will be able to earn a positive economic profit. D) Relaxing certain licensing requirements should increase the supply of the affected good or service.
The marginal propensity to consume out of income
A) is larger than one. B) is equal to one. C) is smaller than one. D) varies around one.