The federal government sets the poverty line at roughly
a. five times the cost of providing an adequate diet.
b. four times the cost of providing an adequate diet.
c. three times the cost of providing an adequate diet.
d. two times the cost of providing an adequate diet.
c
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The producer surplus to a monopolist must be
A) less than zero or the firm is in violation of anti-trust statutes. B) at least as great as the producer surplus in a competitive market. C) positive, otherwise why would the monopoly produce? D) the same as for a competitive market.
An economy that is operating below its full-employment capacity is experiencing a(n):
a. tax-induced recession. b. recessionary gap. c. fiscal drag. d. market correction. e. inflationary gap.
Which of the following is true?
a. About one-third of millionaires have college degrees. b. The percentage of the population that are millionaires in inflation-adjusted dollars has been stable since the 1970s. c. More than 75 percent of American millionaires have college degrees. d. The majority of millionaires received most of their wealth through an inheritance
Starting from long-run equilibrium, the long-run impact(s) of a sharp drop in oil prices, compared to the original equilibrium, is(are):
A. higher inflation and the same output. B. the same inflation and the same output. C. lower inflation and lower output. D. higher inflation and lower output.