Your authors state that the rise in the U.S. poverty rate from 2000 to 2010 was primarily caused by
A) the rise of huge corporations and "big box stores" in the consumer goods sector.
B) the growing number of students straddled with student loan debt.
C) the Great Recession that began in 2008.
D) none of the above reasons.
C
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Starting from long-run equilibrium, an increase in autonomous consumption results in ________ output in the short run and ________ output in the long run.
A. higher; higher B. higher; potential C. lower; higher D. lower; potential
If exchange rates are perfectly flexible, an expansionary U.S. monetary policy will
a. increase the supply of dollars in the foreign exchange market. b. shift the LM curve to the right. c. reduce the demand for dollars in the foreign exchange market. d. reduce the value of the dollar. e. all of the above.
Many people argue against increasing the minimum wage because they believe the result would be increased unemployment. Which of the following best summarizes this argument? A higher minimum wage would
a. increase the supply of labor while decreasing the demand for labor b. decrease the supply of labor while increasing the demand for labor c. increase the quantity supplied of labor while decreasing the quantity demanded of labor d. decrease the quantity supplied of labor while increasing the quantity demanded of labor e. increase the supply of labor while decreasing the quantity demanded of labor
Why is a perfectly competitive firm said to be a price taker?
a. It produces such a good which is not produced by any other firm in the market. b. It faces a downward sloping market demand curve. c. The firm's individual production is insignificant relative to the production in the industry. d. There are no barriers to the entry of new firms in the industry. e. The firm's marginal-revenue curve is downward sloping.