In 2013, the lowest incidence of poverty was for
A. individuals over 65.
B. white (non-Hispanic) people.
C. children under 18.
D. women living in households with no husband present.
Answer: A
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The absence of clear property rights inhibits investment and economic growth
Indicate whether the statement is true or false
Between two countries, comparative advantage is found by comparing the:
a. relative costs of production in each country. b. absolute costs of production in each country after accounting for inflation. c. labor hours required to produce a bundle of products in each country. d. level of interest rates in each country. e. shipping and transportation costs of each country.
Many Americans have been hurt by recent economic events. Raising the minimum wage is the best policy to improve the wages and employment opportunities of Americans. This argument is
What will be an ideal response?
The price effect describes the:
A. increase in the quantity of labor supplied in response to a lower wage. B. decrease in the quantity of labor supplied in response to a higher wage. C. increase in the quantity of labor supplied in response to a higher wage. D. increase in the quantity of labor demanded in respond to a higher wage.