The U.S. inflation adjusted poverty threshold in 2014 was set at $35,000 per year for a family of four.
Answer the following statement true (T) or false (F)
False
The poverty threshold in the United States was set at an annual income of $29,000 for a family of four.
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As disposable income ________, planned consumption expenditure ________ by a ________ amount
A) decreases; increases; larger B) increases; decreases; smaller C) increases; increases; larger D) increases; increases; smaller E) decreases; increases; smaller
Comparing the short-run Phillips curve and the long-run Phillips curve, we see that there is
A) no relationship between the two curves. B) no tradeoff in either curve. C) a tradeoff in both curves. D) only a long-run tradeoff between inflation and unemployment but not a short-run tradeoff. E) only a short-run tradeoff between inflation and unemployment but not a long-run tradeoff.
In the presence of a negative externality generated by producing a good, a competitive market will produce more of that good than is socially optimal
What will be an ideal response?
The French economist Jean-Baptiste Say transformed the equality of total output and total spending into a law that can be expressed as follows:
a. Unemployment is not possible in the short run. b. Demand and supply are never equal. c. Supply creates its own demand. d. Demand creates its own supply.