Economists caution that conventional statistics used to estimate the extent of poverty in the United States fail to account for benefits people receive that, if considered, would reduce the amount of poverty
Which of the following is an example of these benefits?
A) The federal minimum wage forces employers to pay workers with low skills an efficiency wage.
B) Individuals with low incomes receive non-cash benefits such as free school lunches and food stamps.
C) Individuals can use tax credits and the personal exemption to reduce their taxable incomes. This reduces what they owe the government and increases their disposable incomes.
D) The federal income tax system is progressive. As a result, the poor have higher after-tax incomes than they would have if the income tax system was proportional or regressive.
B
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Which of the following was seen by labor as an antilabor piece of legislation?
a. Taft-Hartley Act of 1947 b. Civil Rights Act of 1964 c. Norris-LaGuardia Act of 1932 d. Wagner Act of 1935 e. Clayton Act of 1914
You and your friend work together for 4 hours to produce a total of 8 bookcases. What is productivity?
a. 16 bookcases b. 8 bookcases c. 2 bookcases per hour d. 1 bookcase per hour
Which statement is true?
A. Only monetary policy can affect aggregate demand. B. Only fiscal policy can affect aggregate demand. C. Both monetary and fiscal policy can affect aggregate demand. D. Neither monetary nor fiscal policy can affect aggregate demand.
The situation of oligopoly suggests
A) many firms compete in an industry. B) mergers have not occurred. C) interdependence among firms. D) no barriers to entry exist.