The official poverty rate of the United States
A. is lowest today.
B. was lowest in the late 1960s.
C. has risen steadily since 1981.
D. is higher today than at any other time in our history.
Answer: B
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Refer to Figure 15-12. What is the amount of consumer surplus if, instead of monopoly, the industry was organized as a perfectly competitive industry?
A) $21 B) $124 C) $186 D) $332
Efficiency wage theory provides a reason for uncontracted nominal wages to ________ when nominal aggregate demand falls, thus ________ a recession
A) fall proportionately, leading to B) fall proportionately, preventing C) remain unchanged, leading to D) remain unchanged, preventing
If everyone were taxed the same absolute amount, say $500, this tax would be considered
a. progressive b. a unit tax c. regressive d. excise e. cooperative
Transactions involving items produced in the past, such as the sale of a 5-year-old automobile by a used car dealership or the purchase of an antique rocking chair by a person at a yard sale, are
a. included in current GDP because GDP measures the value of all goods and services sold in the current year. b. included in current GDP but valued at their original prices. c. not included in current GDP because it is difficult to determine their value. d. not included in current GDP because GDP only measures the value of goods and services produced in the current year.