The definition of poverty in the United States is
A. a level of income below the minimally acceptable annual food budget of a family of a given size times four.
B. a level of income below the minimally acceptable annual food budget of a family of a given size times three.
C. unwholesome living conditions.
D. a level of income below the median income for all families.
B. a level of income below the minimally acceptable annual food budget of a family of a given size times three.
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In a recession, tax payments tend to increase and transfer payments tend to decrease
a. True b. False
Which of the following statements is true, assuming leisure is a normal good?
A. If the income effect is sufficiently large, the labor supply curve will bend backwards. B. If the income effect is sufficiently small, the labor supply curve will bend backwards. C. If the income effect is sufficiently large, the labor supply curve will slope down. D. If the income effect is sufficiently large, the labor supply curve will shift to the left.
When income levels in the rest of the world increase, what is the effect on the home TB?
a. It decreases because of expenditure switching. b. It decreases because of an increase in imports. c. It increases because of an increase in exports. d. It increases because of expenditure switching.
A general principle of regulation is:
A. the need to reduce regulations over time. B. set as few bad precedents as possible. C. do not offset the moral hazard problem. D. let banks fail regardless of the effect on the economy.