In which year was the poverty rate the lowest?
A. 1960
B. 1973
C. 1984
D. 1993
B. 1973
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The gap in GDP between the United States and Europe can be explained by the fact that
A) income taxes are higher in the United States. B) prices are higher in the United States. C) equilibrium employment is higher in Europe. D) the Okun Gap is larger in the United States. E) U.S. labor is more productive than European labor.
We often observe "pseudo-intra-industry trade" between the United States and Mexico. Actually, such trade is consistent with
A) comparative advantage associated with Heckscher-Ohlin model. B) oligopolistic markets. C) optimal tariff issues. D) the Ricardian model of trade. E) the specific factors model of trade.
This year Terrance earned $3,000 more than last year. As a result, he received $2,500 less in government transfers. Therefore, Terrance's implicit marginal tax rate is about
a. 16 percent b. 25 percent c. 66 percent d. 83 percent
Which of the following economists believed that the factory owner, by paying his workers meager wages, was able to use this surplus to buy more capital goods?
A. Adam Smith B. Thorstein Veblen C. Milton Friedman D. Karl Marx