If the U.S. government determines that the cost of feeding an urban family of four is $5,200 per year, then the official poverty line for a family of that type is
a. $10,400.
b. $15,600.
c. $20,800.
d. $26,000.
b
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If nominal wages and salaries are fixed as firms change product prices, the short-run aggregate supply curve is: a. vertical
b. horizontal. c. negatively sloped. d. positively sloped.
When the demand and supply of a good both shift in the same direction and amount: a. Price will change in the same direction as the shifts in supply and demand
b. Price will change in the opposite same direction as the shifts in supply and demand. change in price and an increase in quantity exchanged. c. Quantity exchanged will change in the same direction as that of the shifts in supply and demand. d. Quantity exchanged will change in the opposite direction from that of the shifts in supply and demand
If the Federal Reserve decided to raise interest rates, it could
a. buy bonds to lower the money supply. b. buy bonds to raise the money supply. c. sell bonds to lower the money supply. d. sell bonds to raise the money supply.
Which of the following is NOT consistent with the Permanent Income Hypothesis?
A. The theory would predict that people's consumption would be greater than their income until their mid to late 20s B. A person who won the lottery would spend only a small part of their winnings in the first year C. Consumption is smaller than income when people reach old age D. People gear their consumption to their expected earnings more than to their current income