The threshold income level originally used to determine official poverty statistics was based on
A. a per capita income of $1,000 in 1958 prices.
B. standards provided by the United Nations based on studies done in poor countries around the world.
C. the highest income of the lowest one-fifth of families in the country.
D. an income three times the amount of money needed to purchase a nutritionally adequate diet.
Answer: D
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A relative price is the
A) slope of the demand curve. B) difference between one money price and another. C) slope of the supply curve. D) ratio of one money price to another.
In the ________, the tax receipts from today's workers are used to pay benefits to retired and disabled workers and their dependents today.
A. public assistance (welfare) program B. Social Security system C. Medicare and Medicaid programs D. unemployment insurance program
Higher education is a normal good. If its price falls,
a. the quantity of higher education demanded will fall b. the substitution and income effects work in opposite directions c. the income effect is negative d. higher education will satisfy to the law of demand e. real purchasing power will fall
The figure below shows the market for computers in a small importing country. Dd and Sd are the domestic demand and supply curves of computers, respectively.
The imposition of a tariff on computers caused economic well-being in the country to ________ by
A. fall; $6 million. B. rise; $34 million. C. fall; $34 million. D. fall; $4 million.