Answer the following statements true (T) or false (F)
1. Unemployment insurance is a form of in-kind transfer payment to reduce poverty.
2. The federal government employs an absolute rather than a relative measure to determine poverty.
3. The total number of people in poverty has changed little since the late 1960s.
4. The poverty rate for blacks is almost three times that for whites.
5. Poverty is a condition that randomly strikes all members of the population equally.
1. FALSE
2. TRUE
3. TRUE
4. TRUE
5. FALSE
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Suppose the average person needs 8 glasses of water each day to maintain optimal health. What would an economist conclude?
A) The average person will therefore drink 8 glasses each day. B) The average person will therefore drink more than 8 glasses each day, just to play it safe. C) There are no substitutes for water. D) The amount the average person drinks will depend upon the opportunity cost of acquiring water.
Production of a good produces pollution that is very damaging with each additional unit. A monopoly facing a very elastic demand curve will most likely produce
A) less than the social optimum of the good. B) more than the social optimum of the good. C) the social optimum of the good. D) no externality.
Assume that the expectation of a recession next year causes business investments and household consumption to fall, as well as the financing to support it. If the nation has low mobility international capital markets and a fixed exchange rate system, what happens to the real GDP and net nonreserve international borrowing/lending balance in the context of the Three-Sector-Model? a. Real GDP falls
and net nonreserve international borrowing/lending balance becomes more negative (or less positive). b. Real GDP rises and net nonreserve international borrowing/lending balance becomes more negative (or less positive). c. Real GDP falls and net nonreserve international borrowing/lending balance becomes more positive (or less negative). d. Real GDP falls and net nonreserve international borrowing/lending balance falls. e. There is not enough information to determine what happens to these two macroeconomic variables.
National income accountants compare the market value of the total outputs in various years rather than actual physical volumes of production because
What will be an ideal response?