The threshold income level originally used to determine official poverty statistics was based on
A) an income three times the amount of money needed to purchase a nutritionally adequate diet.
B) standards provided by the United Nations based on studies done in poor countries around the world.
C) the highest income of the lowest one-fifth of families in the country.
D) a per capita income of $1,000 in 1958 prices.
A
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If demand is unit-elastic throughout the demand curve, then total revenues are
A. lower the higher the price. B. the same for any price the firm charges. C. greater the higher the price. D. maximized at the midpoint of the demand curve.
Refer to the diagram. The change in aggregate expenditures as shown from (C + I g + X n1 ) to (C + I g + X n2 ) will produce:
A. a decrease in real GDP.
B. an inflationary expenditure gap if 0D is this nation's full-employment level of GDP.
C. an increase in real GDP if 0A is this nation's full-employment level of GDP.
D. an inflationary expenditure gap if 0B is this nation's full-employment level of GDP.
The market for chewing gum is competitive with a current price of 50 cents per pack and quantity of 100,000 packs. Which of the following events would lead to a new equilibrium price of 40 cents and quantity of 80,000 packs?
a. an increase in the price of other kinds of candy b. an increase in the price of the ingredients used to make chewing gum c. a decrease in the number of young people in the population d. an agreement by workers in the chewing gum industry to work for lower wages e. an improvement in chewing gum production technology
You are thinking of buying a bond from Bluestone Corporation. You know that this bond is long term and you know that Bluestone's business ventures are risky and uncertain. You then consider another bond with a shorter term to maturity issued by a company with good prospects and an established reputation. Which of the following is correct?
a. The longer term would tend to make the interest rate on the bond issued by Bluestone higher, while the higher risk would tend to make the interest rate lower. b. The longer term would tend to make the interest rate on the bond issued by Bluestone lower, while the higher risk would tend to make the interest rate higher. c. Both the longer term and the higher risk would tend to make the interest rate lower on the bond issued by Bluestone. d. Both the longer term and the higher risk would tend to make the interest rate higher on the bond issued by Bluestone.