The government defines poverty as an income level less than three times the cost of a minimal diet
a. True
b. False
Indicate whether the statement is true or false
True
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Equity and efficiency can be achieved simultaneously through competition
Indicate whether the statement is true or false
Refer to the given table. Suppose the columns in this table reflect demand and supply. At a price of $50:Price Per UnitColumn A Units Per YearColumn B Units Per Year$2010040$309550$408060$506570$605080
A. there will be an excess supply of 70 units. B. there will be an excess supply of 5 units. C. there will be an excess demand of 5 units. D. the market will be in equilibrium.
Automatic stabilizers are provisions in the law that create automatic ________ in government spending or ________ in taxes when real output declines.
A. increases; decreases B. increases; increases C. no change; no change D. decreases; decreases
The demand for insulin is typically_________________ than the demand for a large screen TV.
a. More elastic b. More inelastic c. Less elastic d. Less inelastic