The official poverty line in the United States is set
A. at three times the cost of the Department of Agriculture's minimum food budget.
B. at three times the cost of the Department of Housing's minimum housing allowance.
C. at the amount necessary to allow an individual to buy the same market basket of goods that the average urban wage earner can afford.
D. equal to one-half the average income in the United States.
Answer: A
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What does it mean for a loan to be in default?
A) when the borrower of the a loan fails to repay on schedule according to a loan contract, without the agreement of the lender B) when the borrower of a loan fails to repay on schedule according to a loan contract, with the agreement of the lender C) when the lender of a loan fails to supplies the full amount of a loan to the borrower D) when the lender of a loan supplies the full amount of a loan to a borrower without any promise of being repaid E) when the lender of a loan fails to offer the promised sum
Would it take longer for a labor market to move to a new equilibrium for house painters or architects? Why?
What will be an ideal response?
If a firm is a price taker, its marginal revenue is
a. equal to market price. b. less than market price. c. greater than market price. d. a multiple of market price that may be either greater than or less than one.
The free rider problem suggests that a producer will tend to:
a. produce more than the optimal quantity of a public good b. produce less than the optimal quantity of a public good. c. produce the optimal quantity of a public good if it is funded out of tax revenue. d. do none of the above.