The percentage of people in households with income under that which is sufficient to provide a family with a minimally adequate standard of living is the
A. poverty gap.
B. poverty line.
C. poverty state.
D. poverty rate.
Answer: D
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Who wrote the book Progress and Poverty, in which the author argued that the payment of rent to landlords serves no economic purpose?
a. George Akerlof. b. Robert Dorfman. c. Henry George. d. Friedrich A. Hayek.
To construct an ordinary demand curve for good X,
a. change the price of good X in the consumer choice diagram and observe the change in the quantity of good X among the optimum market baskets. b. change the prices of both goods in the consumer choice diagram and observe the change in the quantity of good X among the optimum market baskets. c. change the price of good Y in the consumer choice diagram and observe the change in the quantity of good X among the optimum market baskets. d. change the consumer's income in the consumer choice diagram and observe the change in the quantity of good X.
Contractionary monetary policy is most likely to:
A. decreases interest rates, raises investment, and increases income. B. increases interest rates, reduces investment, and decreases income. C. increases interest rates, raises investment, and increases income. D. decreases interest rates, reduces investment, and decreases income.
The short-run aggregate supply curve is a relationship between
A. capital goods and consumer goods. B. real GDP and price level. C. inflation and time. D. unemployment and real GDP.