If official poverty statistics for the United States included transfer payments individuals receive from the government, such as Social Security payments and other non-cash benefits such as food stamps
A) the poverty rate would be lower. B) income inequality would be greater.
C) the poverty rate would be overstated. D) poverty would be eliminated.
A
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Suppose your bank pays you 4 percent interest per year on your savings account, so that $1,000 grows to $1,040 over a one-year period
If prices increase by 1 percent per year over that time, approximately how much real value do you gain by keeping $100 in the bank for a year? A) $0 B) $10 C) $30 D) $50
Because of the slope(s) of the ________, we can say that a decrease in the price level leads to a higher level of real GDP demanded
A) short-run and long-run aggregate supply curves B) short-run aggregate supply curve C) aggregate demand curve D) long-run aggregate supply curve
What are the two parts of the economic problem? a. economics explains many things, but only things that are related directly to money
b. natural resources are scarce but human-made resources are not. c. scarcity forces us to choose and choices are costly because we must give up other opportunities that we value. d. we have unlimited wants and unlimited resources.
To an economist, utility means:
A) additional. B) usefulness. C) satisfaction. D) marginal.