In 2011, the official poverty line for a household of four in the United States was:
A. $22,891.
B. $29,494.
C. $11,702.
D. $26,803.
Answer: A
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Suppose that U.S. tastes for British goods increase. Then, in Figure 9-3
a. the supply curve shifts from S1 to S2 b. the supply curve shifts from S2 to S1 c. the demand curve shifts from D2 to D1 d. the demand curve shifts from D1 to D2 e. both demand and supply shift to the right
A change in the price of important inputs will change the quantity supplied but will not shift the supply curve.
Answer the following statement true (T) or false (F)
Which of the following statements regarding the production possibilities frontier is TRUE?
A) Points outside the frontier are attainable. B) Points inside the frontier are attainable. C) Points on the frontier are less efficient than points inside the frontier. D) None of the above because all of the above statements are false.
You purchase a bag of chocolate chips for $3, a bag of flour for $1, a bag of sugar for $.50, a half dozen eggs for $.50, and a half pound of butter for $2. You use all these ingredients to make three dozen cookies. Your roommate offers you $15 for them, and you happily accept. How much does this process contribute to GDP?
A. $8 B. $7 C. $22 D. $15