The minimum food budget used to determine the poverty line was determined in the:
A. 1960s and is not recalculated to account for rising standards of living.
B. 1960s but has been recalculated every decade to account for rising standards of living.
C. 1930s and is not recalculated to account for rising standards of living.
D. 1930s but has been recalculated every decade to account for rising standards of living.
Answer: A
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The long run aggregate supply curve is vertical because
A) a change in the level of prices will have no effect on real output in the long-run. B) the production possibilities curve is vertical. C) the aggregate demand curve is downward sloping. D) technology increases at a constant rate.
On what economic principle is the concept of utilitarian justice developed? Explain
What will be an ideal response?
If the government decreases the income tax rate, they assume it will affect which component of GDP?
A. NX B. C C. G D. A change to the income tax rate will not affect any of these components.
Emerging nations refer to
A. countries that have per capita real GDP (Gross Domestic Product) levels beyond those of advanced nations. B. developing countries that has experienced high economic growth so that they are closer to advanced-nation status. C. developing countries that has never experienced economic growth despite their potential. D. developed countries that have continued to experience high economic growth.