Since the early 1970s, average incomes have
a. increased, which has reduced the poverty rate.
b. increased, while the poverty rate increased slightly.
c. decreased, while the poverty rate has remained unchanged.
d. remained unchanged, while the poverty rate has decreased.
b
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Marginal cost is calculated for a particular increase in output by
A) dividing the change in total cost by the change in output. B) dividing the total cost by the change in output. C) multiplying the total cost by the change in output. D) multiplying the change in total cost by the change in output.
Which of the following workers is most likely to be asked to post a performance bond?
A) construction contractor B) fast food worker C) economics professor D) book author
The relationship between a pure-strategy Nash equilibrium and a dominant-strategy equilibrium is that
A) a dominant-strategy equilibrium is a special case of a pure-strategy Nash equilibrium. B) a pure-strategy Nash equilibrium is a special case of a dominant-strategy equilibrium. C) they are the same. D) there may not be a dominant-strategy equilibrium, but there always is a pure-strategy Nash equilibrium. E) they are mutually exclusive and exhaustive, in that a dominant-strategy equilibrium is the same thing as a mixed-strategy Nash equilibrium.
U.S. government laws limit the importation of sugar into the United States. As a result, the U.S. price of sugar is about three times as high as the world price of sugar. U.S. sugar producers strongly support these rules. How would most economists explain this policy?
A. It is an example of a form of sin tax intended to help people with a self-control problem involving sweets. B. The policy is a way of solving an income distribution problem; it redistributes from the rich to the poor. C. It illustrates the public choice view that small gains concentrated to a few producers can be more important politically than large losses spread over many consumers. D. It is an example of the government using cost/benefit analysis to correct a market failure.