Poverty in the United States is defined as having an income that is less than the ____ level that is necessary to provide the basic necessities of life
a. sustainable
b. relative
c. absolute
d. lowest quintile
c
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If a firm produces 8 units of output with average fixed cost=$40 and average variable cost=$25, what is its average cost?
a. $100 b. $20 c. $65 d. $32
Suppose that Megabucks Corporation is earning an economic profit of $4,000 through the sale of a product. If the price of the product is $6 per unit and its ATC is $4 per unit, Megabucks must be producing 8,000 units
a. True b. False Indicate whether the statement is true or false
Rachel left her job as a graphic artist, where she earned $42,000 per year, to open her own graphic arts firm. Her implicit costs of the new business include:
A. both the expenses incurred for office space, equipment, and supplies and her forgone salary of $42,000 per year. B. only her forgone salary of $42,000 per year. C. neither the expenses incurred for office space, equipment, and supplies nor her forgone salary of $42,000 per year. D. only the expenses incurred for office space, equipment, and supplies.
The Federal Open Market Committee (FOMC) is made up of the presidents of the Federal Reserve Banks, the secretary of the Treasury, and the chair of the President's Council of Economic Advisers.
Answer the following statement true (T) or false (F)