If one includes in-kind income in the calculation, the
A. official poverty rate becomes meaningless.
B. incidence of poverty actually increases.
C. poverty rate is unchanged.
D. fraction of the population in poverty drops.
Answer: D
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In the above figure, starting at E1, if there is a supply shock that is temporary, the
A) aggregate supply would shift to SRAS1 and LRAS0 would shift to LRAS1. B) aggregate supply would shift to SRAS2 and LRAS0 would shift to LRAS1. C) aggregate supply would shift to SRAS1 and then return to SRAS0. D) aggregate supply would shift to SRAS0 and LRAS1 would shift to LRAS0.
The widespread adoption of computers in the workplace has likely led to
A) an increase in labor productivity because computers are a capital good. B) a decrease in labor productivity because computers are a capital good. C) an increase in the supply of labor because people are needed to operate the computers. D) no change in the quantity of labor hours. E) a decrease in human capital because computers are physical capital.
The founding of the U.S. FDIC was primarily in response to
A) serious inflation after the Civil War. B) the bank panic of 1907. C) the Great Depression. D) the Volker recession in 1981-1982.
If the aggregate supply curve has its normal shape, deficit spending will increase
A. both GDP and the price level at about the same rate. B. the price level before it increases real GDP. C. the price level but decrease real GDP. D. real GDP before it increases the price level.