How is the official poverty line determined in the United States? What alternative method of measuring poverty has been suggested? Explain
What will be an ideal response?
The official poverty line is determined by taking three times the cost of the Department of Agriculture's minimum food budget. One alternative way to measure poverty is to set the poverty line at some percentage of the median income level.
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Assume a firm is currently producing 800 units of output, P = $10, MC = $10, ATC = $8, and AVC = $6. In this case, the firm is maximizing its profit, which equals $1,600
Indicate whether the statement is true or false
The break-even investment line becomes steeper when the depreciation growth rate ________ or the labor force growth rate ________
A) increases; decreases B) increases; increases C) decreases; increases D) decreases; decreases
If two persons trade, one must gain at the expense of the other
a. True b. False Indicate whether the statement is true or false
A government currently uses price controls to hold down the price of zinc, an exhaustible resource. If price controls are removed,
a. production of zinc will probably fall. b. zinc mines with high marginal cost of production will probably stop producing. c. consumers of zinc will probably want substitutes for zinc. d. income will probably be redistributed from zinc producers to zinc consumers.