The official poverty level in the United States
a. has been the same since 1980
b. is the same as in other developed countries because it is based on a United Nations definition
c. is defined by the United Nations
d. is defined by the Department of Agriculture and based on food costs
e. has been adjusted for inflation but not for changes in family size
D
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Cigarettes served as money in some POW camps during World War II. Given this fact, we would expect to observe
A) no one ever smoking a cigarette. B) people usually resorting to barter rather than using cigarettes as money. C) prices of other goods expressed in terms of cigarettes. D) only government-issued cigarettes being accepted as money.
An expansion of the money supply by the country's central bank
A. decreases the willingness of banks to lend money. B. reduces the price level. C. causes domestic interest rates to fall. D. increases the level of international capital inflows.
The law of diminishing marginal utility states that: a. total utility decreases as consumption of a good increases
b. total utility increases as consumption of a good increases. c. the increase in total utility from consuming an additional unit decreases as consumption increases. d. the increase in total utility from consuming an additional unit increases as consumption increases.
The trend followed by the annual federal budget deficits and surpluses as a percentage of GDP during the 1990s and 2000 . reveals: a. large deficits in the early 1990s
b. surpluses in the early 1990s. c. a balanced budget in the early 2000s. d. surpluses in the late 2000s.