The official poverty line is defined as:
a. one-half the average family income.
b. one-third the average family income.
c. three times the cost of a minimal food requirement.
d. two times the cost of a minimal food requirement.
c
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Since 1948, the labor force participation rate for adult men has ________ and for adult women has ________
A) increased; decreased B) decreased; decreased C) increased; increased D) decreased; increased
If fiscal policy authorities believe that the natural rate of unemployment is lower than it actually is, and pursue fiscal policies to move economic output to what they believe full employment to be, then which of the following is most likely to occur?
a. A recession b. Runaway inflation c. Increasing unemployment d. A depression
The demand curve for each seller's product in perfect competition is horizontal at the market price because
A) each seller is too small to affect the market price. B) the price is set by the government. C) all the sellers get together and set the price. D) all the demanders get together and set the price.
A construction project in Congressman Foghorn's district is unfinished. Foghorn has asked that a new appropriations bill include funds to complete the project, despite a report by an independent agency that the project is a waste of taxpayer money
Foghorn's project is a bridge that crosses a river between two cities in his district. The press has criticized Foghorn and dubbed the project "a bridge too far" since another bridge, located closer to the same two cities Foghorn's bridge will connect, already exists and can accommodate all traffic between the two cities. Foghorn argues that if the bridge project is not completed, the $50 million already spent will have been wasted. Is Foghorn's argument economically rational? Explain your answer. What will be an ideal response?