The poverty rate is an absolute level of income set by the federal government for each family size. A family with income below this rate is deemed to be in poverty
a. True
b. False
Indicate whether the statement is true or false
False
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The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.
Republicans in Congress pushed for the passage of the National Bank Act of 1863 because:
a. they wanted the executive branch to have more control over the amount of notes in circulation. b. they wanted to encourage a mild inflation in the U.S. c. they felt that the Act would reduce the temptation for weak administrations to over issue paper currency. d. they wanted to reduce the number of banks in the U.S.
At the point where the marginal revenue equals zero for a monopolist facing a straight-line demand curve, total revenue is:
a. greater than 1. b. maximum. c. less than 1. d. equal to zero.
A recent decline in interest rates made home construction more affordable for many families. The consequent increase in construction produced a rightward shift in the demand curves for construction materials. Economists would say that the change in demand for materials is due to
A. the principle of marginal productivity. B. rent seeking. C. diminishing marginal returns. D. derived demand.