What have been the poverty trends in the past forty-five years?
What will be an ideal response?
The poverty rate has varied over time. In 1959, about 25 percent of the population was classified as poor but it dropped considerably over the next decade to about 11 to 13 percent. It remained in the 11 to 13 percent range during the 1970. In the early 1980 it increased to 15 percent, dropped slightly during the rest of the 1980 and early 1990 and then increased to 14 percent in 1993. It dropped to about 11 percent in 2000, but rose to 11.7 percent in 2001 because of recession, and rose to 12.3 percent in 2006 because of relatively slow wage growth. The Great Recession that began in December 2007 increased the poverty rate for all groups.
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A consumer price index of 160 in 1996 with a base year of 1982-1984 would mean that the cost of the market basket
A) equaled $160 in 1983. B) rose 160% from the cost of the market basket in the base year. C) rose 60% from the cost of the market basket in the base year. D) equaled $160 in 1996.
Democrats often argue in favor of what to push the economy toward economic recovery, as they did during the recession that began in 2008?
A. Tax cuts B. Increase government spending C. Decrease government spending D. Encourage the public to save more
The amount of income people have left after taxes is called
A. boot. B. net profit. C. disposable income. D. excise income.
Current income is 300, expected future income is 363, and the interest rate is 10%. If consumption is to be the same in each period, each period’s consumption must be
a) 330 b) 300 c) 331.5 d) 333 e) 363