The official poverty rate for the United States for a family of four is approximately:
a. $12,000.
b. $16,000.
c. $20,000.
d. $24,000.
c
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Suppose that the economy is producing below potential GDP and the Fed implements the correct change in monetary policy, but not until after the economy has passed the trough of the recession. Then
A) the Fed's contractionary policy will result in too large of a decrease in GDP. B) the Fed's expansionary policy will result in too large of an increase in GDP. C) the Fed's expansionary policy will result in too small of a decrease in GDP. D) the Fed's contractionary policy will result in too small of a decrease in GDP.
Adverse selection occurs in the used car market because:
A. the buyer has more information than the seller. B. the seller has more information than the buyer. C. both the buyer and the seller have incomplete information. D. Any of these could be the cause of adverse selection in the used car market.
By how much does the CPI overstate true increases in the cost of living, according to the Boskin Commission? What are the main reasons for this bias in the CPI? What are the economic implications of the bias?
What will be an ideal response?
The assumption that individuals will not intentionally make decisions that will leave them worse off is known as
A) microeconomic analysis. B) macroeconomic analysis. C) a model or theory. D) the rationality assumption.