The poverty line
A. is shifted downward from year-to-year.
B. is constant.
C. is raised from year-to-year.
D. is tied to the unemployment rate.
C. is raised from year-to-year.
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In the case study discussed in the chapter, the electronics firm was losing money by selling its calculators at a price that was below average cost.
Answer the following statement true (T) or false (F)
Comparing the cost of the same basket of goods in different locations:
A. can create a price index to evaluate purchasing power across different locations. B. is based on the theory of purchasing power parity. C. can be used for international price comparisons. D. All of these statements are true.
If the absolute value of the tax elasticity of supply is 0.8, a tax decrease of 10 percent will
A. Decrease output by 12.5 percent and increase tax revenues. B. Increase output by 12.5 percent and increase tax revenues. C. Increase output by 8 percent and decrease tax revenues. D. Decrease output by 8 percent and increase tax revenues.
Each of the following has contributed to growing income inequality in the United States since 1975 except:
A. the decline in unionism. B. greater demand for highly skilled workers. C. stronger international competition from imports. D. government transfers.