The percentage of the population whose family income falls below an absolute level is call the
poverty rate.
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The increased willingness of women to enter the workforce has most likely lead to
a. an increase in labor demand, higher real wages, and a lower price level. b. an increase in labor supply, higher real wages, and a lower price level. c. an increase in labor supply, higher real wages, and a higher price level. d. a decrease in labor demand, lower real wages, and no effect on the price level. e. none of the above.
To promote economic efficiency, government should
a. keep all prices as low as possible. b. keep all prices high so that people will save more money. c. allow the market to set low prices for abundant goods and high prices for scarce goods. d. never interfere with firms' price setting powers.
List the four ways to explain unemployment in the long run
Basic differences between Medicare and Medicaid include the following, except:
A. Medicare is financed by a payroll tax, while Medicaid is financed by general tax revenues B. Medicare is a Federal program while Medicaid is a state-government program C. Medicare is mostly based on age, while Medicaid is mostly based on income D. Medicare is a social insurance program, while Medicaid is a public assistance program