The official number of poor in the United States
A) is higher today than at any other time in our history.
B) has risen steadily since 1981.
C) was lowest in the late 1960s.
D) is lowest today.
C
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A 2009 article in The Economist noted that some studies have provided evidence indicating that multipliers are
a. smaller in closed economies than in open economies. b. larger in closed economies than in open economies. c. smaller in capitalist economies than in socialist economies. d. larger in capitalist economies than in socialist economies.
When looking at this graph for the welfare effects of a price ceiling, area d represents ______.
a. the net welfare gain to society b. the deadweight loss to society c. the transfer of consumer surplus to producer surplus d. the transfer of producer surplus to consumer surplus
Under perfect competition, if some firms are taking losses in the short run, in the long run
A. equilibrium price will rise until all firms are earning zero economic profits. B. those firms will cut back their output until they get to the level at which marginal cost equals price. C. firms will leave the industry until all firms are making a profit. D. those firms will earn losses until demand increases.
The longer any price change persists, the
A) more difficult it is to alter quantity demanded. B) greater is the price elasticity of demand. C) lower is the price elasticity of demand. D) more likely price will return to its original level.