In 1964, the poverty line for a family stood at about which of the following figures?
a. $2,100
b. $3,000
c. $4,500
d. $7,500
b
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Xenonia has a larger supply of labor than Techland. If the labor supply in both the countries increases by the same amount while their capital stocks remain unchanged, ________
A) the increase in Techland's output will be more than the increase in Xenonia's output B) the increase in Xenonia's output will be more than the increase in Techland's output C) Xenonia's income per capita will decrease while Techland's income per capita will increase D) Xenonia's income per capita will increase while Techland's income per capita will decrease
For a monopoly producing any output level greater than one, the marginal revenue curve:
A. is minimized when total revenue is maximized. B. lies above the average revenue curve. C. lies below the demand curve. D. is the same as the demand curve.
Which of the following is an example of a relationship with a negative slope?
a. spending increases as incomes rise b. more items purchased when prices drop c. more items sold when quality improves d. less items purchased when quality decreases
Which of the following best explains why the chained consumer price index generally results in a lower rate of inflation than the regular consumer price index?
a. The chained index is based on a comprehensive bundle of goods and services, while the regular CPI considers only changes in the prices of food and energy. b. The chained index makes allowance each month for shifts away from goods that have become relatively more expensive; the regular CPI does not adjust for this factor. c. The chained consumer price index considers the impact of both rising and falling prices, whereas the regular consumer price index considers only the impact of goods and services with rising prices during the period. d. The chained consumer price index considers only the prices of goods and services purchased by households, whereas the regular CPI also includes the price changes of investment assets such as stocks and real estate.