The definition of poverty that is based on percentage of median income recognizes that
a. poverty is a relative concept
b. poverty has an important cultural component that goes beyond relationships between individual incomes
c. there is a vicious circle of poverty that keeps the poor locked in poverty
d. poverty is about real people
e. income is a sufficient measure of economic well-being
A
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Moral hazard is
A) the tendency for people to enter into agreements in which they can use their private information to their own advantage and to the disadvantage of the less informed party. B) when one of the parties to an agreement has an incentive after the agreement is made to act in a manner that brings additional benefits to himself or herself at the expense of the other party. C) a situation in which only bad quality items are bought and sold. D) an action taken outside a market that conveys information that can be used by that market.
Decision trees can only be used to analyze sequential games
Indicate whether the statement is true or false
If the crowding-out effect is complete and the marginal propensity to save is 0.2, then an increase in government spending of $500 billion will generate how much more real Gross Domestic Product (GDP)?
A. $0 B. $500 billion C. $50 billion D. $400 billion
A federal surplus of $10 billion means that
A. the government plans on collecting $10 billion in taxes this year. B. the government is spending $10 billion a year less than it is collecting in taxes. C. the government has a total debt of $10 billion. D. government spending is $10 billion a year.