Despite continued growth in average income since the early 1970s, the poverty rate has not declined below the level reached in 1973
a. True
b. False
Indicate whether the statement is true or false
True
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Suppose a paper mill earns $1,000,000 in profits when it pollutes a river, and it can abate pollution at a cost of $120,000. The effects of the pollution are confined to a single farmer who earns $400,000 if the water he uses from the river is clean, and $300,000 if it's polluted. Suppose the law guarantees the farmer access to clean water from the river. Which of the following describes an efficient outcome in this case?
A. The owner of the mill is unable to pay the farmer enough to secure his permission to pollute the river. B. The farmer is unable to pay the owner of the mill enough to get him to stop polluting. C. The owner of the mill pays the farmer $110,000 for his permission to pollute the river. D. The farmer pays the owner of the mill $90,000 to stop polluting.
In recent years, more than one quarter of federal government spending went to Social Security and income security programs
a. True b. False Indicate whether the statement is true or false
Which statement about the United States at present is false?
A. We have the world's largest economy. B. The United States' federal deficits have been at record highs for the last few years. C. The Social Security and Medicare trust funds are safe for at least the next two generations. D. We are borrowing almost $2 billion a day from foreigners to finance the United States' trade and budget deficits.
Refer to the above figure. The above figure shows the cost structure of a firm producing an information product. Which curve represents average total cost?
A. Any of the 3 could be ATC. B. Curve 1 C. Curve 2 D. Curve 3