If the official poverty line for a family of four is $12,000, then the Department of Agriculture's minimum food bundle costs a family of four ________ per year.
A. $1,000
B. $3,000
C. $4,000
D. $12,000
Answer: C
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The purchasing power parity theory of exchange rate determination holds that the exchange rate between any two national currencies is fixed to reflect differences in the price levels in the two countries
Indicate whether the statement is true or false.
Suppose new research shows that soy milk and other products derived from soybeans provide more health benefits than previously thought. At the same time, drought conditions result in extensive damage to the soybean crop. What will be the combined impact
of these two factors on the equilibrium price and quantity of soybeans? A) Price will decrease, but the effect on quantity is indeterminate. B) Price will increase, but the effect on quantity is indeterminate. C) Quantity will decrease, but the effect on price is indeterminate. D) Quantity will increase, but the effect on price is indeterminate.
In the spring of 2002, the United States imposed tariffs on imported steel to protect the jobs of American steel workers and protect the production of the American steel industry. Why might this policy not work to increase overall employment in the United States?
If the MPC = 0.75 and a household obtains $50,000 more dollars then how much would the household spend of the additional $50,000?
A. $12,500 B. $37,500 C. $40,000 D. $50,000