The government defines the poverty line as
A. the lowest income quintile (20%).
B. those receiving public assistance or eligible for public assistance.
C. anyone who does not have to pay federal income tax.
D. a minimum dollar amount of income, depending on family size.
D. a minimum dollar amount of income, depending on family size.
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What does the concept of "invisible hand" imply?
What will be an ideal response?
When her income increased from $10,000 to $20,000 . Heather's consumption of macaroni decreased from 10 pounds to 5 pounds and her consumption of soy-burgers increased from 2 pounds to 4 pounds. We can conclude that for Heather, macaroni
a. and soy-burgers are both normal goods with income elasticities equal to 1. b. is an inferior good and soy-burgers are normal goods; both have income elasticities of 1. c. is an inferior good with an income elasticity of -1 and soy-burgers are normal goods with an income elasticity of 1. d. and soy-burgers are both inferior goods with income elasticities equal to -1.
In the above table, saving must be
A) -$300 billion. B) $300 billion. C) $400 billion. D) -$400 billion.
The housing bubble experienced in 2006 in the U.S. was exhibited by the extraordinary rise in the ratio of prices of houses to rents on houses
a. True b. False Indicate whether the statement is true or false