In the United States, the official poverty line is calculated by multiplying:
A. the cost of food for a family of a given size by 3.
B. the average expenditure on housing for a family of a given size by 3.
C. the average expenditure on housing for a family of a given size by 2.
D. the cost of food for a family of a given size by 2.
Answer: A
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What will be an ideal response?
Figure 2-2
Assume that U.S. agricultural land is used either to raise cattle for beef or to grow wheat. represents the production possibility frontier for beef and wheat. What is assumed constant as the economy moves from point F to point G?
a.
both d and e
b.
the money supply
c.
consumer tastes and preferences
d.
the level of currently available technology
e.
the amount of available resources
If the quantity of houses supplied in an area increases 10 percent when the price goes up 25 percent, the supply:
A. is inelastic. B. is perfectly elastic. C. is elastic. D. is unit elastic.
The World Trade Organization
A. was set up to decrease tariffs among nations. B. was set up to increase tariffs among nations. C. was set up to negotiate exchange rates between countries. D. handles trade disputes among its member nations.