About _____% of Americans between the ages of 25 and 60 will experience at least one year below the official poverty line
a. 3%
b. 10%
c. 27%
d. 40%
d
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Answer the following statement(s) true (T) or false (F)
1. A doubling of all prices has the same effect on the budget line as reducing income by half. 2. If the consumer's income doubles, then his optimal purchases of all goods will double. 3. If the consumer's income and all prices simultaneously triple, then his optimum will not change. 4. The slope of the budget line always equals the consumer's marginal value. 5. The budget line illustrates the consumer's opportunities and the indifference curve illustrates the consumer's preference.
What could the Fed do to increase the money supply?
a. lower the discount rate b. lower the reserve interest rate c. raise the reserve requirement d. sell government bonds
If a monopolist's price were $8, it is likely that in equilibrium
A. MC = MR, and both are less than $8. B. MC = MR, and both are more than $8. C. MC = MR, and both are equal to $8. D. None of the choices are correct.
The industry elasticity of demand for gadgets is ?2, while the elasticity of demand for an individual gadget manufacturer's product is ?10. Based on the Rothschild approach to measuring market power, we conclude that:
A. there is significant monopoly power in this industry. B. there is no monopoly power in this industry. C. the Herfindahl index for this industry is 5. D. the Herfindahl index for this industry is 0.2.