When determining whether an income places a family or individual in poverty, the official poverty rate excludes
a. money income derived from sources other than labor.
b. money income received from transfer programs.
c. noncash benefits derived from programs supplying recipients with food, housing, and medical benefits.
d. noncash benefits that are provided the non-elderly, but it counts these benefits when they are supplied to the elderly.
C
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If Sam is producing at a point on his production possibilities frontier, then he
A) cannot produce any more of either good. B) can produce more of one good only by producing less of the other. C) will be unable to gain from trade. D) is not subject to scarcity.
Assuming no bequests, with a real rate of interest of 10 percent, wealth of $60,000, current income of $70,000, future income of $180,000 and future consumption of $158,000, current consumption must equal ________
A) $158,000 B) $150,000 C) $152,000 D) $130,000
If the government requires a natural monopoly to price at marginal cost:
a. monopoly firms will earn zero economic profits because the price of the good equals the cost of producing that good. b. monopoly firms will operate at a loss because P < AC. c. more firms will be able to enter the market. d. producer surplus will increase because quantity supplied is greater.
The payments system is
A) the method of conducting transactions in the economy. B) used by union officials to set salary caps. C) an illegal method of rewarding contracts. D) used by your employer to determine salary increases.