The poverty rate is defined as:
A. the percentage of the population that falls below the relative poverty line.
B. the percentage of the population that falls below the absolute poverty line.
C. the percentage of low income earners to high income earners.
D. the lowest one percent of all income earners.
B. the percentage of the population that falls below the absolute poverty line.
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Keynes was especially interested in explaining movements of ________ because he wanted to explain why the Great Depression had occurred and how government policy could be used to increase ________ in a similar economic situation
A) aggregate output; wages B) aggregate output; employment C) wage rates; wages D) wage rates; employment
The representative consumer acts competitively
A) when he or she can haggle for a lower price. B) when he or she is a price-taker. C) when he or she is a price-maker. D) if the consumer is large relative to the size of the market.
A distinguishing characteristic of public transfer payments is that:
A. there is a tax on the amount of the subsidy above a certain income level. B. the recipients make no contribution to current production in return for them. C. they are used to subsidize the major transportation carriers to reduce transportation costs. D. they are counted as part of government purchases in the calculation of the gross domestic product.
The threshold income level originally used to determine official poverty statistics was based on
A. a per capita income of $1,000 in 1958 prices. B. standards provided by the United Nations based on studies done in poor countries around the world. C. the highest income of the lowest one-fifth of families in the country. D. an income three times the amount of money needed to purchase a nutritionally adequate diet.