The U.S. Department of Agriculture defines the official poverty level as
a. the bottom 10 percent of the income distribution
b. the poorest 2 million households
c. income less than $15,000
d. income equal to three times the estimated cost of a nutritionally adequate diet
e. being unemployed for more than two months
D
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Managers in firms with market power can:
A) not influence price. B) develop strategies that involve both the demand and supply sides of the market. C) only focus on the demand side of the market. D) none of the above.
The Green GDP:
A. tries to capture the environmental effects regular GDP doesn't. B. subtracts the environmental costs of production from the positive outputs normally counted in GDP. C. values negative externalities. D. All of these statements are true.
Why did the monetary base increase rapidly during the economic crisis of 2008?
a. The Fed sold financial assets and extended fewer loans. b. The Fed increased both its purchase of assets and quantity of loans extended. c. The Fed increased its purchases of assets, but offset this with an increase in the reserve requirement. d. The Fed sold financial assets, but offset this with a reduction in the reserve requirement.
Why do nations impose trade barriers, such as those instituted during the Great Depression, that make it difficult for their own citizens to trade with people in other countries?
a. Trade restrictions are a good way for a country to increase the total employment and income level of its citizens. b. As the experience during the 1930s illustrates, trade restrictions are an effective way to increase exports and tax revenues. c. Trade restrictions provide gains to domestic residents at the expense of foreigners. d. Trade restrictions often provide benefits to highly visible special interest groups while imposing a less visible cost on the general populace.