The official poverty definition in the U.S. is having an income that
a. provides minimum biological needs
b. is less than three times the cost of a nutritionally adequate yet frugal diet
c. places the household in the bottom 20 percent of the income distribution
d. is less than the average U.S. welfare allowance
e. is approximately equal to the average household income of Canada
B
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The U.S. Constitution
A. prohibits tariffs on trade between Arkansas and New York but allows tariffs on trade between Hawaii and Alaska. B. prohibits tariffs on all trade. C. allows tariffs on trade with other countries, but not on trade between the states. D. allows tariffs only on goods purchased from the communist nations.
If you are informed orange juice concentrate prices will rise in the next few months, you should ________ orange juice concentrate futures
But if that information becomes common knowledge, others will do the same thing, and the price of orange juice concentrate futures will ________. A) buy; rise B) sell; rise C) buy; fall D) sell; fall
Implicit costs are:
a. the opportunity costs of using resources owned by the entrepreneur in his/her own business. b. payments the business owner must make on borrowed funds. c. costs which vary as the level of output varies. d. those payments the business owner makes in cash. e. the payments the business owner makes for public relations, such as donations to charity.
Suppose that X and Y are substitutes. If the price of Y increases, how will this change the market equilibrium for X?
a. Equilibrium price declines, and equilibrium quantity rises. b. Equilibrium price rises, and equilibrium quantity falls. c. Equilibrium price and quantity both decline. d. Equilibrium price and quantity both rise.