Which of the following is a criticism of the U.S. poverty line definition?
a. It doesn’t include government assistance such as food stamps.
b. It is adjusted for different costs of living.
c. It is not adjusted for inflation.
d. It doesn’t include medical expenses.
a. It doesn’t include government assistance such as food stamps.
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The process of making the best of our limited resources by doing the things we are best at and hiring other people to do the things we are not particularly good at is called
A) absolute advantage. B) comparative advantage. C) specialization. D) protectionism.
A manager may over-research the appropriateness of a decision
a. Because the costs of a false positive are usually larger b. Because the costs of a false negative are usually larger c. Because it is important to be 100% certain before making a decision d. Because managers can face inordinate censure from agreeing to a bad decision
If those who consumed common resources were subject to a tax that was equal to the external costs that they imposed due to the negative externality created:
A. an efficient level would be reached. B. total surplus would be maximized for the whole society. C. individuals would consume less. D. All of these statements are true.
Which of the following was true with regard to the Great Depression?
a. The policies of the New Deal brought the Great Depression to an end well before World War II. b. Sound economic policy was followed during this era, which makes the length and severity of the Great Depression puzzling to economists. c. The length and severity of the Great Depression was the result of unsound economic policies followed by both the Hoover and Roosevelt Administrations. d. The Great Depression was largely the result of the highly expansionary monetary policy of the Fed during the 1930s.