What measure does the federal government use when setting the official poverty line in the US?
three times the cost of providing an adequate diet
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"Market making"
a. is the action of bringing together high value buyers and low value sellers b. transfers goods from their low value uses to high value uses, creating wealth c. can not occur if the transaction costs are too high to prevent value creating transactions d. all of the above
Each member of a cartel
a. faces a temptation to cheat on the agreement because lowering its price slightly below the established price will usually increase the firm's sales and profit. b. faces a temptation to cheat on the agreement because raising its price slightly above the established price will usually increase the firm's sales and profit. c. has no temptation to cheat on the agreement because lowering its price slightly below the established price will usually have no impact on the firm's sales and profit. d. has no temptation to cheat on the agreement because raising its price slightly above the established price will usually decrease the firm's sales and profit. e. has no temptation to cheat on the agreement because lowering its price slightly below the established price will usually lower the firm's sales and profit.
The cost of building a new interstate highway system is reported to be high at $25 billion. Does it necessarily follow that the interstate highway is not worth building?
A) Yes, because it is better to spend $25 billion on ending poverty than on building another interstate highway system. B) No, because building a new interstate highway system promotes economic growth, which helps everyone. C) No, because the benefits of building a new interstate highway system may be greater than $25 billion. D) Yes, because the benefits of building a new interstate highway system may be greater than $25 billion.
Large quantities of many products produced in the United States are exported to purchasers in other countries. Exports account for the largest share of which one of the following products produced in the United States?
What will be an ideal response?