The poverty line is set by the government so that 10 percent of all families fall below that line and are thereby classified as "poor."
a. True
b. False
Indicate whether the statement is true or false
False
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Institutional reversal refers to the fact that:
A) the same institutions that were highly inclusive in the year 1500 slowly changed into extractive institutions as a result of modernization. B) Europeans established more extractive institutions in places that were previously more developed, and set up more inclusive institutions that were previously less developed. C) Europeans established more extractive institutions in places that were previously less developed, and set up more inclusive institutions that were previously more developed. D) the same institutions that were highly extractive in the year 1500 slowly changed into inclusive institutions as a result of modernization.
A plot of points representing the rate of inflation and the unemployment for the United States since 1953 reveals that
A) there does not appear to be any trade-off between the two variables. B) there is an inverse relationship between the two variables. C) there is a positive relationship between the two variables. D) none of the above.
Monopolistically competitive firms ignore the effect of their decisions upon other firms in the industry because
a. each firm is large relative to the market b. each firm is small relative to the market c. there are few sellers in the market d. there is only one seller in the market e. all firms follow the same known pricing rules
In contrast to government research and development, private sector R&D has: a. more impact on productivity since most government R&D focuses narrowly on military applications
b. more impact on productivity since most government R&D focuses narrowly on the service sector. c. more impact on productivity since most government R&D focuses narrowly on not-for-profit activities. d. less impact on productivity since the government is more motivated and able to hire better people and facilities. e. less impact on productivity since firms tend to hold back on research when results are easily copied.