The absolute poverty line looks at _____________, and the relative poverty line captures ____________
A. who cannot afford the basic necessities; what people can afford compared to those around them.
B. what people can afford compared to those around them; who cannot afford the basic necessities.
C. the percentage of the population that falls within the lowest quartile of income earners; the percentage of the population that earns 40 percent less than the median income.
D. the percentage of the population that falls within the lowest quartile of income earners; what people can afford compared to those around them.
A. who cannot afford the basic necessities; what people can afford compared to those around them.
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The natural unemployment rate is equivalent to all of the following EXCEPT the unemployment rate when:
A. the unemployment rate is zero. B. there is no output gap. C. cyclical unemployment is zero. D. there is only frictional and structural unemployment.
The market demand curve
A. and the individual demand curve are synonymous. B. is calculated by multiplying the number of consumers by the individual demand curve. C. shows how the total quantity demanded of some good changes as price changes, other things held constant. D. can be calculated even if individual demand curves are unknown.
Refer to Figure 6-1. The demand curve on which elasticity changes at every point is given in
A) Panel A. B) Panel B. C) Panel C. D) none of the above graphs.
The cost of group health insurance is lower than if an individual buys a policy on his own because
A) moral hazard costs of a group tend to move to a low average. B) insuring a group eliminates the problem of buyers having more information than the seller. C) it is easier for the company to deny claims from a large group. D) the problem of adverse selection is reduced.