The poverty rate is
A. the total amount of money that would have to be transferred to households in poverty to raise them out of poverty.
B. the amount of money the poor must earn from work.
C. the percentage of people in households with income under the poverty line.
D. that level of income sufficient to provide a family with a minimally adequate standard of living.
Answer: C
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Moral hazard exists chiefly because of
A) economies of scale. B) diseconomies of scale. C) private information. D) public information.
The graph shown best represents:
A. a binding price ceiling.
B. a binding price floor.
C. a missing market.
D. a market for an inferior good.
When the Fed conducts expansionary monetary policy, lower short-term interest rates will tend to stimulate the economy. How will the change in the velocity of money affect this result?
a. Velocity will decline, enhancing the stimulus effect. b. Velocity will increase, somewhat dampening the stimulus effect. c. Velocity will increase, enhancing the stimulus effect. d. Velocity will decline, somewhat dampening the stimulus effect.
The law of diminishing marginal product
A) holds in the short run and the long run because as you increase the amount of variable inputs eventually the increases in output will decrease. B) does not hold in the short run because of fixed costs. C) does not hold in the long run because there are no fixed inputs in the long run. D) holds in the short and long run because of economies to scale.