Why not designate the poorest 10 percent of the population as the official measure of poverty?
This relative measure would imply that poverty could never rise and never decline. If somehow the country grew in a manner that even the poorest person was prosperous by today's standards, 10 percent of the population would still be considered in poverty. If this occurred, the concept of poverty would lose much of its meaning.
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Jose owns a local coffee shop. When Jose calculates how his total revenue changes in response to hiring an extra worker, Jose is calculating the
A) marginal revenue. B) value of marginal product of labor. C) marginal product of labor. D) total revenue.
In 2014, the price of peanuts was rising, which lead peanut butter sellers and peanut butter buyers to expect the price of peanut butter would rise in the future
Consequently, in the current market for peanut butter there was ________ which resulted in a ________ in the price of peanut butter and ________ in the quantity of peanut butter. A) a decrease in supply of peanut butter and an increase in demand for peanut butter; rise; an increase, decrease or possibly no change B) a decrease in supply of peanut butter and a decrease in demand for peanut butter; rise, fall, or possibly no change; a decrease C) an increase in supply of peanut butter and a decrease in demand for peanut butter; fall; an increase, decrease or possibly no change D) a decrease in supply of peanut butter and an increase in demand for peanut butter; fall; an increase, decrease or possibly no change
Disposable personal income is found by taking
A. personal income taxes minus personal income. B. personal income taxes plus personal income. C. personal income minus personal income taxes. D. personal income times personal income taxes.
Two goods are complements if:
A. an increase in the price of one good leads to an increase in demand for the other. B. there are no substitutes for either of them. C. people tend to consume either one or the other. D. an increase in the price of one good leads to a decrease in demand for the other.