Which of the following is true about present day Americans who are classified as "officially poor" by the government?
a. Their incomes are about the same as those at the official poverty level in 1950.
b. Their incomes are higher than all but the richest Americans in 1900.
c. Their incomes are about the same as those at the official poverty level in 1900.
d. Their incomes are about the same as those in the middle class in 1950.
b. Their incomes are higher than all but the richest Americans in 1900.
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What is adverse selection?
A) It refers to the situation in which one party to a transaction takes advantage of knowing more than the other party to the transaction. B) It refers to the actions people take after they have entered into a transaction that make the other party to the transaction worse off. C) It refers to the private, self-interested actions people that people pursue, which when taken collectively leads to a loss in economic surplus. D) It refers to the actions people take before they enter into a transaction so as to mislead the other party to the transaction.
An example of overt collusion is
a. a cartel. b. price leadership. c. tacit collusion. d. a perfectly contestable market.
A decrease in the expected price level shifts
a. only the long-run aggregate supply curve right. b. only the short-run aggregate supply curve right. c. both the short-run and the long-run aggregate supply curve right. d. Neither the short-run nor the long-run aggregate supply curve right.
Equity markets are markets:
A. for stocks. B. for AAA rated bonds. C. for either stocks or bonds. D. of U.S. Treasury bonds.