Ellen receives a raise at her current part-time job from $8 to $10 per hour. If her labor supply curve is upward sloping, she will work fewer hours after receiving the pay raise
a. True
b. False
Indicate whether the statement is true or false
False
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Absolute poverty measures vary from country to country. For example, in 2015, the poverty line in the United States for a family of four with two children
was an annual income of $24,250 but economists often use a much lower threshold income of $1 per day when calculating the rate of poverty in poor countries. How is this absolute poverty measured? A) by comparing the amount of goods and services that a household's income can purchase in one country to the amount of goods and services that a household's income can purchase in another country of comparable living standard B) by comparing the amount of goods and services that a household's income can purchase to an objective measure of the amount of income needed to sustain a certain predetermined standard of living C) by comparing the percentage of households living below the poverty line to the total population D) by comparing a household's income to the income required to maintain the average standard of living in a society at a particular time
To achieve the socially optimal level of pollution, the biggest polluters should be targetted for the greates reduction in pollution
a. True b. False
A farm is able to produce 10,000 bushels of peanuts per season on 10 acres. Assume it adds one more acre and is able to produce 12,000 bushels per season. The marginal product of the additional acre of land for this farm is:
a. 10,000 bushels per acre per year. b. 1,200 bushels per acre per year. c. 2,000 bushels per acre per year. d. 12,000 bushels per acre per year.
If we compare income mobility in relative terms, we would measure whether a person's income:
A. is higher than her parents' income. B. places her higher up in the income distribution than her parents' income. C. is higher at the end of her career compared to the beginning. D. rises with age for all people.