Which term refers to the specific level of income needed for a basic standard of living?
a. Safety net
b. Gross income
c. Poverty rate
d. Poverty line
d. Poverty line
The poverty line is the specific amount of income needed for a basic standard of living.
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If a struggling perfectly competitive furniture store in Detroit shuts down, it incurs an economic loss equal to its
A) marginal cost. B) total fixed cost. C) total variable cost. D) average variable cost. E) average total cost.
Government failure may occur die to:
a. short run focus of elected officials b. special-interest group influence c. difficulty is measuring the marginal social benefit and the marginal social cost of government spending d. all of the above
Answer the next question based on the following consolidated balance sheet for the commercial banking system. Assume the required reserve ratio is 12 percent. All figures are in billions of dollars.AssetsLiabilities & Net WorthReserves$60 Checkable Deposits$150Loans100 Stock Shares135Securities25 Property100?Refer to the above data. The claims of owners in the commercial banking system are equal to:
A. $100 billion. B. $285 billion. C. $150 billion. D. $135 billion.
Use the above table and assume a fixed cost of $200. At an output of 2, ATC is
A. $150.
B. $200.
C. $250.
D. $300.