The poverty line was originally determined by taking the cost of a minimal food budget for a family and multiplying by 2
Indicate whether the statement is true or false
F
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If Sam does not have a job and is NOT currently looking for work but has looked in the past, he is considered
A) unemployed. B) not in the labor force. C) unemployed and in the labor force. D) unemployed and not in the labor force.
A Monetarist-oriented econometric model is likely to emphasize that monetary policy affects economic activity
A) directly through changes in government spending. B) directly through changes in the money supply. C) indirectly through changes in velocity. D) indirectly through changes in money demand.
Which of the following events always would increase the size of the deadweight loss that arises from the tax on gasoline?
a. The demand for gasoline becomes more inelastic. b. The slope of the supply curve for gasoline becomes steeper. c. The amount of the tax per gallon of gasoline increases. d. All of the above are correct.
A cow will produce 8500 lbs. of milk if fed either 5000 lbs. of hay and 6200 lbs. of grain or 5600 lbs. of hay and 5400 lbs. of grain. Over this range, the marginal rate of technical substitution between hay and grain is
A. 0.75. B. 0.17. C. 0.98. D. 6.00. E. 1.02.