The official poverty income threshold in the United States is
A. based on the cost of a budget that includes food, clothing, and shelter.
B. never adjusted for the effects of inflation.
C. the same for all families independent of the number of people in the family.
D. calculated as three times the cost of a minimally acceptable diet for a family.
D. calculated as three times the cost of a minimally acceptable diet for a family.
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An increase in a consumer’s income will always increase the demand for a good.
Answer the following statement true (T) or false (F)
A map is an example of a model because a map
A) realistically describes an area. B) is always as complex as space will permit. C) is two-dimensional. D) is a simplified representation of reality.
A unit-elastic demand curve will be concave toward the origin
a. True b. False Indicate whether the statement is true or false
If the current €/$ exchange rate is at parity, then the Euro price of a handbag costing US$135 is:
(a) €100. (b) €135. (c) €270. (d) We need more information to calculate the Euro price.