In 2011, the poverty line for a family of four in the U.S. was
a. $60,974.
b. $23,021.
c. $20,988.
d. $17,642.
b
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If price is determined as a multiple of costs, then a firm is using
A) cost plus pricing. B) product line extension pricing. C) peak-load pricing. D) marginal cost pricing.
Starting from short-run equilibrium, the following occurs: personal income taxes rise and foreign real national income rises. What is the effect on the price level and Real GDP in the short run?
A) The price level rises and Real GDP falls. B) The price level falls and Real GDP falls. C) The price level rises and Real GDP rises. D) The price level falls and Real GDP rises. E) There is not enough information to answer this question.
Which of the following would be an example of a nongovernmental solution to a problem associated with externalities?
a. society's preference to drive large cars and SUVs b. new stricter anti-litter laws c. a general moral commitment against using sprinklers during a drought d. tax credits for the purchase of hybrid autos
The economic freedom associated with a market economy creates greater incentives for innovation and entrepreneurship than either a planned or a mixed economy.
a. true b. false