In 2012, the poverty line for a family of four was approximately
a. $10,075
b. $13,100.
c. $15,700.
d. $23,250.
d
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Suppose Cathy and Lewis work in a bakery making pies and cakes. Suppose it takes Cathy 1.5 hours to make a pie and 1 hour to make a cake, and suppose it takes Lewis 2 hours to make a pie and 1.5 hours to make a cake. What is the opportunity cost to Cathy of making a cake?
A. 1 pie. B. 1.5 pies. C. 2/3 of a pie. D. 1.33 pies.
Suppose the government's initial debt is $350 billion and that during the next two years the government runs deficits of $90 and $40 billion
If during the third year the government has a $70 billion surplus, the government's total debt at the end of the three years will be A) $60 billion. B) $200 billion. C) $410 billion. D) $550 billion.
The quantity theory of money tells us that real money balances are proportional to income, since ________
A) velocity is assumed constant in the short run B) the supply and demand of money are equal in equilibrium C) changes in the quantity of money lead to proportional changes in the price level D) all of the above E) none of the above
Transfer payments are not included in national income because: # randomize
A. Such payments are made to persons living abroad B. Double counting would result C. They are illegal D. There is no method to account for these