Which statement is false?
A. During the Great Depression millions of working-class and middle-class people demanded welfare payments.
B. Until the 1930s the prevalent theory of poverty was that the poor were lazy.
C. The heritage of slavery theory explains most poverty in this country.
D. None of these statements are false.
C. The heritage of slavery theory explains most poverty in this country.
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If an increase in marginal tax rates leads to an increase in tax revenues, then
a. the Laffer curve model of tax revenue is refuted. b. supply-side economics is refuted. c. the economy could be below the tax revenue maximizing tax rate. d. we could be on the upward sloping portion of the Laffer curve.
Refer to the above figure. At an income of $10,000, saving is
A) 0. B) $13,000. C) $3,000. D) -$3,000.
Define the law of demand and explain how this relates to typical human behavior.
What will be an ideal response?
When 4 units of labor are employed, total product is 6 units; when 5 units of labor are employed, total product is 8 units of output. If the price of output is $5 per unit, what is the marginal revenue product of the 5th unit of labor?
A) $2 B) $5 C) $10 D) $40