The definition of poverty in the United States is
A. a level of income below the minimally acceptable annual food budget of a family of a given size times four.
B. a level of income below the minimally acceptable annual food budget of a family of a given size times three.
C. unwholesome living conditions.
D. a level of income below the median income for all families.
B. a level of income below the minimally acceptable annual food budget of a family of a given size times three.
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In economics, money is
A) a financial instrument backed by some precious metal such as gold or silver. B) whatever the government defines it to be. C) anything that people generally accept in exchange for goods and services. D) another term for income.
A decrease in the marginal tax rate, with the average tax rate held constant, will
A) increase the amount of labor supplied at any real wage. B) not affect the amount of labor supplied at any real wage. C) decrease the amount of labor supplied at any real wage. D) increase the amount of labor supplied at any real wage if the average tax rate is above the marginal tax rate, but decrease the amount of labor supplied at any real wage if the average tax rate is below the marginal tax rate.
Which of the following is true of Simple Keynesian model? a. Price level increases with an increase in aggregate demand
b. The aggregate supply curve is assumed to be perfectly inelastic. c. The aggregate demand curve is assumed to be perfectly elastic. d. Price level is solely determined by the aggregate demand curve. e. Changes in aggregate demand determines equilibrium real GDP.
In pure competition, the demand for the product of a single firm is perfectly:
A. elastic because many other firms produce the same product. B. inelastic because the firm produces a unique product. C. inelastic because many other firms produce the same product. D. elastic because the firm produces a unique product.