The poverty rate is a measure of the percentage of people whose incomes fall below
a. a relative level of income.
b. an absolute level of income.
c. the median income for a family of three.
d. the bottom 20 percent of the income distribution.
b
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It seems quite possible that cigarette companies concealed information about the effects of smoking on health, causing cigarette prices to be __________ and cigarette sales to be __________ than would have been the case under symmetric information.
A. higher; higher B. higher; lower C. lower; higher D. lower; lower
In order to maximize profits, a firm should produce at the output level for which:
a. average cost is minimized. b. marginal revenue equals marginal cost. c. marginal cost is minimized. d. price minus average cost is as large as possible.
If a firm is a price taker, then the demand curve it faces is perfectly
a. elastic and above its marginal revenue curve b. elastic and lies on top of its marginal revenue curve c. elastic and below its marginal revenue curve d. inelastic and above its marginal revenue curve e. inelastic and the same as its marginal revenue curve
A deficit will burden future generations
A. because the obligation to pay it off must be faced sooner or later. B. if it produces higher interest rates when the economy is near full employment. C. because future generations will have to pay taxes to fund the interest payments to Americans who hold the debt. D. All of the above are correct.