Originally, the threshold income level used to determine official poverty statistics was based on
A) a per capita income of $3000 in 1955 prices.
B) the lowest income of the second quartile of families in the country.
C) an income three times greater than necessary to purchase a nutritionally adequate diet.
D) figures developed by a committee in the American Economic Association.
C
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Refer to Figure 5-3. If consumers paid the full price of medical services, the equilibrium quantity would be
A) 400. B) 800. C) 1,200. D) > 1,200.
If you were a professor of economics explaining to your class the three primary tools of monetary policy used by the Fed, you would write on the chalk board
a. changes in the legal reserve requirement, changes in the discount rate, and changes in tax rates b. changes in the legal reserve requirement, changes in tax rates, and open market operations c. changes in tax rates, changes in the discount rate, and open market operations d. changes in the legal reserve requirement, open market operations, and moral suasion e. changes in the legal reserve requirement, changes in the discount rate, and open market operations
If producers who hire labor in a competitive labor market decide to purchase the new automated machine that completes the work of 30 employees, in the short run we would expect the:
A. labor-demand curve to shift to the right and wages would increase. B. labor-supply curve to shift to the left and wages would rise. C. labor-demand curve to shift to the left and wages would decrease. D. labor-supply curve to shift to the right and wages would rise.
The policy irrelevance proposition states that
A. anticipated changes in monetary policy are ineffective in changing real Gross Domestic Product (GDP). B. only relatively large expected changes in monetary policy impact the economy. C. in the short run unanticipated changes in monetary policy are ineffective in changing real Gross Domestic Product (GDP). D. only statements from the White House have impact on the economy.