A family of four with one wage earner who earns the minimum hourly wage would be
A. well below the poverty line.
B. slightly below the poverty line.
C. slightly above the poverty line.
D. well above the poverty line.
A. well below the poverty line.
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According to your text, when people talk about "the economy", they probably have in mind
A) the stock market. B) commercial society in general. C) the marriage market. D) black markets.
What are the four main ways in which the CPI is an upward-biased measure of the price level?
What will be an ideal response?
A deadweight loss:
A. can be large in a perfectly competitive market. B. is a reduction in aggregate surplus below its maximum possible value. C. is independent the amount produced and consumed. D. is equal to the difference between total willingness to pay and the total avoidable cost of production.
When a country allows trade and becomes an exporter of a good,
a. consumer surplus and producer surplus both increase. b. consumer surplus and producer surplus both decrease. c. consumer surplus increases and producer surplus decreases. d. consumer surplus decreases and producer surplus increases.