An absolute poverty line is usually set based on:
A. the lowest quartile of income earners in a society.
B. the lowest 1 percent of all income earners in a society.
C. a certain percentage below the average income in a society.
D. the cost of certain essential goods.
Answer: D
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If the demand for a product is said to be relatively inelastic, the "absolute" value of the elasticity coefficient will be
A) less than one. B) greater than one. C) equal to one. D) zero.
When the demand curve shifts, the ____ elastic the supply curve at the initial equilibrium price, the _____ the change in equilibrium price and the ______ the change in equilibrium quantity.
A. more; larger; smaller B. less; larger; smaller C. more; larger; larger D. less; smaller; larger
The implementation of the assembly line is an example how
A) changes in the organization of production improve productivity. B) neutral technical change improves productivity. C) non-neutral technical change can decrease productivity. D) labor saving technical change increases economy-wide unemployment.
When computing national income, which of the following is included in compensation of employees?
A) wages and salaries paid to employees B) employers' contributions to Social Security and employee benefit plans C) the monetary value of fringe benefits, tips, and paid vacations D) all of the above