The official U.S. poverty standard was set in 1963 at $3,000 per year for a family of four.
Answer the following statement true (T) or false (F)
True
In 1963 it was determined that $1,000 per year was needed to purchase a 'minimally adequate' diet for a family of four. It was estimated that other basic necessities like housing, clothes, transportation, and so forth would cost twice as much as the food staples. So they concluded that a budget of $3,000 per year would fund a 'minimally adequate' living standard for a U.S. family of four. That standard became the official U.S. poverty threshold in 1963.
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From the earlier 1990s until 2012, the Japanese monetary was ________ and stock and real estate prices were ________
A) tight; rising. B) easy; rising. C) tight; falling. D) easy; falling.
The total cost of federal regulation includes
A) the funding of government agencies overseeing compliance, the compliance cost for the regulated firms, and the opportunity cost of regulation for the firms. B) the funding of government agencies overseeing compliance less the compliance cost for the regulated firms and the opportunity cost of regulation for the firms. C) only the cost of compliance by the regulated firms. D) only the funding of the regulatory agencies.
In the production function Real GDP = T (L, K, NR, H), the T represents the _____________ coefficient, the L represents ________________, the K represents _______________, the NR represents natural resources, and the H represents ________________
A) tax; labor; capital; humanity B) technology; labor; knowledge; humanity C) technology; labor; capital; human capital D) trade; labor; knowledge; human capital
Suppose the price of an apple is $0.75, and the price of a banana is $0.50. If Hugh is maximizing his utility, and his marginal utility from consuming an apple is 24 utils, then his marginal utility from consuming a banana must be:
A. 32 utils. B. 16 utils. C. 12 utils. D. 36 utils.