The level of income below which the federal government classifies a family as poor is called the:
A. relative measure of poverty.
B. median income threshold.
C. absolute measure of poverty.
D. poverty threshold.
Answer: D
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Suppose the equilibrium real federal funds rate is 2 percent, the target rate of inflation is 2 percent, the current inflation rate is 4 percent, and real GDP is 2 percent above potential real GDP
If the weights for the inflation gap and the output gap are both 1/2, then according to the Taylor rule the federal funds target rate equals A) 4 percent. B) 6 percent. C) 8 percent. D) 10 percent.
A profit-maximizing firm in a competitive market will continue to hire more workers when
A) the marginal factor cost exceeds the marginal revenue product of the additional workers. B) the marginal factor cost equals the marginal revenue product of the additional workers. C) the marginal factor cost is less than the marginal revenue product of the additional workers. D) the marginal factor cost is less than zero.
Longitudinal data on income inequality in the United States indicates that: a. children of poor families stay poor, but children of rich families do not always stay rich
b. children of poor families often escape poverty, but rich families invariably retain their wealth over time. c. there is substantial movement among income groupings in the United States. d. the rich are getting richer and the poor are getting poorer.
Between 1980 and the early 1990s, the national debt
a. as a percentage of GDP, decreased b. remained fairly constant c. as a percentage of GDP, remained relatively unchanged d. as a percentage of GDP, increased e. declined