A problem with official U.S. poverty data is that they
a. omit the rural poor
b. do not account for inflation
c. omit in-kind transfers such as food stamps
d. do not reflect changes in the cost of living
e. omit dividends and interest
C
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Opportunity costs exist because
a. there is a price attached to virtually every good or service b. technology is not fixed in the economy c. people have different tastes and preferences d. limited resources cannot satisfy all of the wants in society e. the production possibilities frontier is bowed in with respect to the origin
Which of the following is an example of a negative externality? a. A Japanese company exports cars to the U.S., which causes American workers to lose their jobs
b. An employee of a chemical company spills acid on his arm, causing severe damage. c. John plants fruit trees in his front yard, which attracts bees, which sting neighbor Mary. d. Sally buys coffee at McDonald's, spills some and burns her hand. e. Jack attempts to fix his roof, falls off, and breaks his leg.
If it costs $2,000 to pick up all the litter along a 100-mile stretch of highway, then the cost of the negative externality associated with the litter is
a. $0 b. more than $0, but less than $2,000 c. $2,000 d. more than $2,000 . but finite e. infinite
Assume that the expectation of a recession next year causes business investments and household consumption to fall, as well as the financing to support it. If the nation has low mobility international capital markets and a fixed exchange rate system, what happens to the GDP Price Index and the nominal value of the domestic currency in the context of the Three-Sector-Model? a. The GDP Price Index
rises and nominal value of the domestic currency remains the same. b. The GDP Price Index falls and nominal value of the domestic currency remains the same. c. The GDP Price Index and nominal value of the domestic currency remain the same. d. The GDP Price Index falls and nominal value of the domestic currency falls. e. There is not enough information to determine what happens to these two macroeconomic variables.