The official poverty line in the United States is set
A. at the amount necessary to allow an individual to buy the same market basket of goods that the average urban wage earner can afford.
B. equal to one-half the average income in the United States.
C. at three times the cost of the Department of Housing's minimum housing allowance.
D. at three times the cost of the Department of Agriculture's minimum food budget.
Answer: D
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Cost curves in the long run differ from cost curves in the short run
a. True b. False Indicate whether the statement is true or false
Exhibit 15-4 Balance sheet of Tucker National Bank Assets Liabilities Required reserves$ 4,000 Checkable deposits$20,000 Excess reserves16,000 Loans 0 Total$20,000 Total$20,000 Assume all banks in the system started with the balance sheet shown in Exhibit 15-4 and the Fed makes a $1,000 open market purchase. The result would be a(n):
A. infinite contraction of the money supply. B. infinite expansion of the money supply. C. $1,000 expansion of the money supply. D. $5,000 expansion of the money supply.
When interest rates decrease, banks will normally
A. increase lending, but decrease deposits and the money supply. B. increase lending, deposits, and the money supply. C. decrease lending, but increase deposits and the money supply. D. decrease lending, deposits, and the money supply.
Economic freedom means that
A) some goods and services are free. B) firms are regulated by the government. C) people are able to make personal choices and their property is protected. D) the nation's government is a democracy. E) the rule of law does not apply.