An important element that is excluded from U.S. poverty figures is:
A. interest income.
B. earned income.
C. in-kind transfers such as food stamps and housing assistance.
D. income tax.
Answer: C
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Which of the following statements is TRUE of external costs?
A) External costs should not be corrected since people will bear the costs whether they are corrected or not. B) There are no good ways to correct for the external costs. C) When external costs exist, the price of the good will be deceptively low leading to an overallocation of resources. D) External costs should only be corrected for if the correction will not increase the market price.
What is the value of I? – I?
a. $0
b. $100 billion
c. $175 billion
d. $400 billion
The aggregate demand curve shows that when the price level rises, the quantity of real GDP demanded decreases.
Answer the following statement true (T) or false (F)
Recall the Application about the short-run and long-run elasticity of supply of coffee to answer the following question(s). Recall the Application. In the long run, the supply curve for coffee is ________ and the elasticity of supply is ________ than in the short run.
A. steeper; larger B. steeper; smaller C. flatter; larger D. flatter; smaller