The absolute poverty line looks at ________, and the relative poverty line captures ________
A. the percentage of the population that falls within the lowest quartile of income earners; what people can afford compared to those around them.
B. the percentage of the population that falls within the lowest quartile of income earners; the percentage of the population that earns 40 percent less than the median income.
C. who cannot afford the basic necessities; what people can afford compared to those around them.
D. what people can afford compared to those around them; who cannot afford the basic necessities.
Answer: C
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The aggregate demand curve is
A) upward sloping. B) a vertical line at potential output. C) a horizontal line at the current price level. D) downward sloping.
In short-run equilibrium, the perfectly competitive firm of Figure 9-8 will earn a total economic profit of
a.
zero
b.
$950
c.
$825
d.
$1,425
e.
$575
Around the year 2000, Robert Mugabe needed money to bribe his enemies and reward his political allies, but he faced all of the following problems EXCEPT:
A. his policies had scared away investors. B. the Central Bank refused to print any more money. C. his people were unemployed and hungry. D. there was nothing left to tax.
As you move down the production possibility frontier, the absolute value of the marginal rate of transformation
A. increases. B. initially decreases, then increases. C. decreases. D. initially increases, then decreases.