The poverty rate is based on a family's
a. income, in-kind transfers, and other government aid.
b. income and in-kind transfers.
c. in-kind transfers only.
d. income only.
d
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Suppose the Bureau of Labor Statistics uses Ballpark Franks as the hot dogs used when calculating the consumer price index. During 2012, Oscar Mayer aggressively reduces prices
Consumers respond by purchasing more Oscar Mayer and less Ballpark Franks. The 2012 CPI is likely to A) understate the average prices paid by consumers. B) overstate the average prices paid by businesses. C) overstate the average prices paid by consumers. D) understate the average prices paid by businesses. E) neither understate nor overstate the average prices because some consumers will still buy Ballpark Franks.
The government expenditure multiplier is used to determine the
A) amount aggregate supply is affected by a change in government expenditure. B) amount aggregate demand is affected by a change in government expenditure. C) extra scrutiny government action receives. D) amount private consumption is decreased by government expenditure. E) extent to which automatic stabilizers must be changed in order to avoid recessions.
Suppose that a worker in Country A can make either 25 bananas or 5 tomatoes each year. Country A has 200 workers. Suppose a worker in Country B can make either 18 bananas or 6 tomatoes each year. Country B has 400 workers. The opportunity cost of one tomato in Country A is:
A. 100 bananas. B. 20 bananas. C. 5 bananas. D. 4 bananas.
Figure 13.1 shows a demand and costs of an unregulated monopoly. The negatively sloped long-run average cost curve reflects that:
A. the firm's total cost of production decreases as its output increases. B. the firm's profit increases as its output increases. C. there exist large economies of scale in production. D. All of these are correct.