The level of money income below which a family is considered poor is called the
a. bottom 20 percent of the income distribution.
b. poverty threshold income level.
c. guaranteed income level.
d. subsistence income level.
B
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A progressive tax is defined as a tax for which the
a. average tax rate rises as income increases. b. average tax rate falls as income increases. c. average tax rate remains constant at all levels of income. d. dollar tax liability of those with higher income is more than the dollar tax liability of those with lower income.
Farmers selling some of their soybeans in storage because they anticipate a lower price of soybeans in the near future would cause a
A. movement up along the current supply curve of soybeans. B. rightward shift in the current supply of soybeans. C. movement down along the current supply curve of soybeans. D. leftward shift in the current supply of soybeans.
Suppose expected inflation and actual inflation are both relatively high, and unemployment is at its natural rate. If the Fed then pursues a contractionary monetary policy, which of the following results would be expected in the short run?
a. Expected inflation would exceed actual inflation, and unemployment would exceed its natural rate. b. Expected inflation would exceed actual inflation, and unemployment would be below its natural rate. c. Actual inflation would exceed expected inflation, and unemployment would exceed its natural rate. d. Actual inflation would exceed expected inflation, and unemployment would be below its natural rate.
The reason for the merger of two businesses that sell unrelated goods but can share business practices and sales forces might best be explained by:
A. economies of scale. B. economies of scope. C. learning by doing. D. indivisible costs.