The poverty threshold income level equals the
a. average income of the bottom one-tenth of all income recipients.
b. cost of an economical and nutritional food plan for a family multiplied by six.
c. cost of an economical and nutritional food plan for a family multiplied by three.
d. average income of a family headed by a worker who has been unemployed for six months or more.
C
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To achieve long-run equilibrium in an economy with a recessionary gap, without the use of stabilization policy, the inflation rate must:
A. not change. B. increase. C. decrease. D. either increase or decrease depending on the relative shifts of AD and AS.
The liquidity approach to measuring money stresses the role of money as a
A) temporary store of value. B) medium of exchange. C) unit of accounting. D) standard of deferred payment.
Firms that survive in the long run are usually those that
A) become as large as possible. B) remain small. C) use more capital rather than more labor. D) earn the largest possible profit.
If an economy is stuck in a "bad" equilibrium in the coordination failure model
A) the government should intervene by spending more. B) the government should intervene by spending less. C) the government should promote optimism. D) there is nothing that can be done.