Which of the following statements regarding poverty in the United States is correct?
a. There are as many poor African Americans as there are poor whites.
b. The incidence of poverty is lower among females than among males.
c. The incidence of poverty is higher among African Americans than among whites.
d. Most of the poor people in the United States are elderly (over age 65).
C
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If the level of unemployment is below the natural rate of unemployment, it would be expected that:
a. the short-run Phillips curve will shift leftward, as inflationary expectations adjust. b. the inflation rate will increase c. the inflation rate will decrease. d. the long-run Phillips curve will shift rightward, as inflationary expectations adjust.
A firm should hire an additional worker as long as the wage rate is
A. Greater than the MRP. B. Less than the MPP. C. Less than or equal to the MRP. D. Greater than the MPP.
U.S. government laws limit the importation of sugar into the United States. As a result, the U.S. price of sugar is about three times as high as the world price of sugar. U.S. sugar producers strongly support these rules. How would most economists explain this policy?
A. It is an example of a form of sin tax intended to help people with a self-control problem involving sweets. B. The policy is a way of solving an income distribution problem; it redistributes from the rich to the poor. C. It illustrates the public choice view that small gains concentrated to a few producers can be more important politically than large losses spread over many consumers. D. It is an example of the government using cost/benefit analysis to correct a market failure.
The number of firms in a monopolistically competitive market will be smaller if
A) the market demand curve shifts rightward. B) the minimum efficient scale is lower. C) fixed costs are smaller. D) fixed costs are larger.