The poverty rate is the percentage of the population that have a family income level below the
a. income maintenance threshold.
b. poverty line.
c. bottom quintile of the income distribution.
d. minimum wage.
b
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Consider a public good such as fire protection services. Rich people may benefit more than the poor from such a service because rich people stand to lose more from a fire that destroys property. In this case
A) the benefits-received principle may support the rich paying more taxes than the poor, but not the ability-to-pay principle. B) the ability-to-pay principle may support the rich paying more taxes than the poor, but not the benefits-received principle. C) neither the benefits-received nor the ability-to-pay principles may support the rich paying more taxes than the poor. D) both the benefits-received and the ability-to-pay principles may support the rich paying more taxes than the poor.
Which of the following would be classified as a differentiated product produced by a monopolistic competitor?
a) natural gas b) tap water c) electricity d) Channel No. 5
The relationship between the market price of a good and the quantity supplied of that good by a firm in the short run is the firm's:
A. short-run supply curve. B. average cost schedule. C. total revenue minus total cost schedule. D. optimal production level.
The one organization that has the power to change the total amount of reserves in the banking system is the:
A. Congress. B. Executive Branch of the Federal Government. C. U.S. Treasury. D. Federal Reserve System.