If the poverty line in 2017 for a family of four was $24,600, which of the following is correct?
A. The cost of a minimal diet for a family of four was $4,100.
B. The cost of a minimal diet for a family of four was $6.150.
C. Unemployment benefits covered the first $24,600 of lost income.
D. Social security payments for the year totaled a minimum of $24,600 for a family of four.
Answer: B
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Use the following graph to answer the next question.
This perfectly competitive firm will not produce unless price is at least
A. $7. B. $5. C. $2. D. $10.
Which statement about the structure of the Federal Reserve System is true?
a. It is made up of 12 separate banks spread around the country. b. It is a single bank located in New York. c. It is made up of 12 linked banks located in the eastern states. d. It is a single bank located in Washington D.C.
Which of the following would be considered the most prominent spokesman for the rational expectations school of thought?
A. Adam Smith B. Arthur Laffer C. Milton Friedman D. Robert Lucas
Singapore has a system of traffic regulation called Electronic Road Pricing, in which traffic congestion is reduced by charging motorists who drive into the city center during certain hours of the day. Charging for use of a road is:
A. a quantity restriction, as the system involves charging motorists only if they drive into the city center during "certain hours" of the day. B. a price ceiling that reduces the excess demand for road usage. C. shifting from a third-party-payer-market to one in which individual consumers have to pay for their consumption of road usage, thus seeking to reduce excess demand. D. a price floor that eases the shortage caused by the natural limit to how much roads can be built in a certain geographic area.