Which is the most accurate statement?
A. The federal minimum hour wage rate puts millions of Americans above the poverty line.
B. Most black families live below the poverty line.
C. In 2008 the poverty rate was higher than it was in 2006.
D. Welfare Reform basically eliminated poverty as a major socioeconomic problem.
C. In 2008 the poverty rate was higher than it was in 2006.
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Until the 1840s, the leading transport route in the US (in terms of volume of freight from the West) was:
a. the Northern Gateway. b. the Northeastern Gateway. c. the Southern Gateway. d. the Erie Canal.
Sadie works at a factory for $15 an hour and typically works 40 hours a week. Sadie gets a pay raise and now earns $20 an hour. She decides to work 45 hours a week at $20 an hour. Her response to the pay increase demonstrates the:
A. labor effect outweighing the price effect. B. price effect outweighing the income effect. C. income effect outweighing the price effect. D. income effect outweighing the substitution effect.
Which statement is an objection of using the Consumer Price Index (CPI) to measure changes in the cost of living?
A. The calculated inflation rate is only accurate for an individual who purchases all the goods and services in the basket. B. The inflation rate is always understated due to substitution bias.
If a pollution tax imposed on a firm is smaller than the external cost:
A. the externality is completely internalized. B. the social production cost increases by the amount of the pollution tax. C. the pollution tax transfers the full cost borne by people outside the firm back to the firm itself. D. from society's viewpoint, the firm is producing too much.