Which of the following is most accurate about poverty in the United States as measured by the poverty line?
A. Poverty has steadily declined since the 1950s.
B. Poverty declined through the 1950s and 1960s, but on net has not improved since then.
C. Poverty, on net, has significantly worsened over the last 70 years.
D. The greatest reductions in poverty occurred in the 1980s, but on net have not improved significantly since then.
Answer: B
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The $14.3 billion U.S. craft beer market is being subsidized at local, state, and even federal government levels, and the taxpayers pay for these subsidies. Economists know that these subsidies make Americans poorer on the whole
Why is it so difficult for U.S. taxpayers to end these subsidies for the craft beer market, a market which has been described as "booming" and "highly successful"?
Which of the following is TRUE?
A) Economic efficiency occurs if the maximum feasible amount of output is achieved from a given quantity of inputs. B) Economic efficiency depends only on what is feasible. C) If production is technologically efficient then it must be economically efficient. D) None of the above statements are correct.
According to Keynes, wages are inflexible because
A) of the minimum wage set by government. B) of unions and long-term contracts. C) workers do not behave in their own self-interest. D) the economy is never in the long run.
The monopolistic competitive industry in Figure 8.5 will tend to:
A. contract. B. remain the same size. C. expand. D. go out of business.