Official poverty rates in the last 40 years have
A) fallen dramatically.
B) risen dramatically.
C) stayed roughly the same.
D) been eliminated.
Answer: C
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In an economy where aggregate spending is given by Y = 5,500 + 0.6Y - 20,000r, the interest rate is currently 2 percent (0.02). If potential output equals 8,000, the central bank must ________ the interest rate to close the ________ gap.
A. raise; expansionary B. raise; recessionary C. lower; recessionary D. lower; expansionary
Gregory is considering attending a concert with a ticket price of $40. He estimates that the cost of driving to the concert and parking there will add an additional $20
In order to attend the concert, Gregory will have to take time off from his part-time job. He estimates that he will lose 5 hours at work, at a wage of $8 per hour. Gregory's opportunity cost of attending the concert equals A) $80. B) $100. C) $40. D) $60. E) $20.
According to the above figure, if the government imposes a minimum wage equal to Wm, the effect will be
A) a reduction in employment from Qe to Qm. B) an increase in employment from Qe to Qm. C) a decrease in labor supplied, from C to E. D) an increase in labor supplied, from A to E.
Assume that a GDP gap can be closed by a $200 initial change in planned spending. The MPS is 0.3 and the MPI equals 0.1 . If the economy is currently in equilibrium with an income level of $600, potential GDP equals:
a. $1,600. b. $1,100. c. $800. d. $600. e. $400.