The relative poverty line defines poverty:
A. as the price of basic food, clothing, shelter and utilities, and adjusts for geographic differences in the cost of living.
B. based on the expenditure on food relative to total income.
C. in relation to the income of the rest of the population.
D. None of these is true.
Answer: C
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Aimee sells hand-embroidered dog apparel over the Internet. Her annual revenue is $128,000 per year, the explicit costs of her business are $42,000, and the opportunity costs of her business are $30,000. What are the implicit costs of her business?
A) $12,000 B) $30,000 C) $72,000 D) $86,000
Voluntary exchange is based on the principle that all parties must gain from trade
a. True b. False Indicate whether the statement is true or false
In reaction to the terrorist attacks of September 11, 2001, the Federal Reserve moved to lower interest rates. This was intended to
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What is the misery index? Why do economists find it to be a flawed measure?
What will be an ideal response?