In the U.S. in 2012 the percentage of the Americans living below the poverty line was about
A) 15 percent.
B) 20 percent.
C) 5 percent.
D) 27 percent.
A
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Refer to the scenario above. How will the demand for pens faced by the existing pen manufacturers in Eduland be affected if new firms enter the industry in the long run?
A) The demand faced by the existing firms will become perfectly inelastic. B) The demand faced by the existing firms will become perfectly elastic. C) The demand faced by the existing firms will increase. D) The demand faced by the existing firms will decrease.
Most people buy salt infrequently and in small quantities. Even a doubling of the price of salt is likely to result in a small decline in the quantity of salt demanded. Therefore
A) the price elasticity of demand for salt is greater than 1 (in absolute value). B) the demand for salt will be perfectly inelastic. C) salt is a normal good. D) the demand for salt is relatively inelastic.
Conditions of today's developed countries at the start of their industrialization differ from conditions in the developing world in that
a. population growth rates were higher. b. more advanced technology was available. c. there were more opportunities for development assistance. d. none of the above.
Regarding short-range exchange rate movements, which of the following statements is NOT true?
a. they may vary from week to week b. they may vary from hour to hour c. are similar to those of the transaction demand determinants of long-term trends in exchange rates d. determined by arbitrage activity e. both a and b are false