Compared to a nonpoor individual, a poor individual is more likely to be
a. female.
b. black.
c. a child.
d. All of the above are correct.
d
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The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.
The above figures show the market for hamburger meat. Which figure(s) shows the effect of a new report by the U.S. Surgeon General that beef consumption is healthier than previously believed?
A) Figure A B) Figure B C) Figure D D) Figure A and B
If the total variable cost of producing 5 units of output is $10 and the total variable cost of producing 6 units is $15, the marginal cost of producing a sixth unit is $5
a. True b. False Indicate whether the statement is true or false
The Fed uses a "core" price index, one that excludes food and energy prices to measure inflation. It does so because
A) food and energy have inelastic demand curves and consumers will buy them regardless of their price. B) it wants to avoid the blame for high gasoline prices causing inflation. C) food and energy prices have wide swings that are not related to the causes of general inflation. D) food and energy prices do not change all that much during the short run, so are irrelevant to the calculation of inflation.