According to official statistics in the United States, a family is considered to live in poverty if its money income:
A. and all government transfers are below three times an average family's minimum food budget.
B. is below the income earned by 80 percent of all Americans.
C. is below the income earned by 90 percent of all Americans.
D. is below three times an average family's minimum food budget.
Answer: D
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Refer to Table 2-9. Japan has a comparative advantage in the production of
A) rice. B) wristwatches. C) both products. D) neither product.
If the nominal interest rate is 5 percent and there is no inflation, _____
a. the real interest rate exceeds 5 percent b. the real interest rate is less than 5 percent c. the real interest rate is 5 percent d. there is not enough information to determine the real interest rate e. the real interest rate is zero
Sellers of a good bear the larger share of the tax burden when a tax is placed on a product for which the (i) supply is more elastic than the demand. (ii) demand in more elastic than the supply. (iii) tax is placed on the sellers of the product. (iv) tax is placed on the buyers of the product
a. (i) only b. (ii) only c. (i) and (iv) only d. (ii) and (iii) only
Fear of floating is:
A) when the benefits of floating exchange rates outweigh the costs. B) when the attractions of fixed exchange rates are large relative to those of floating. C) when countries adopt the gold standard. D) when countries say they are floating, but fix their exchange rates in practice.