In 1963 the U.S. poverty standard was equal to
A. $22,000 per year.
B. $3,000 per year.
C. $10,000 per year.
D. $1,000 per year.
Answer: B
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A decrease in the price of an input will
A) increase demand for the product. B) decrease demand for the product. C) increase supply of the product. D) decrease supply of the product.
Some argue that the best response to monopolies is no response at all, because:
A. they are too powerful to be dealt with effectively. B. no one can ever decide which monopolies to regulate. C. the creation of regulation may be too difficult. D. left unchecked, all monopolies eventually shut down.
Economists generally assume that faster economic growth is negative for society
a. True b. False Indicate whether the statement is true or false
Generally speaking, wealth
A. starts out negative, turns positive, then approaches zero near the end of life. B. starts out zero, turns positive, then turns negative near the end of life. C. starts out negative, approaches zero, then turns negative again near the end of life. D. starts out positive, turns negative, then turns positive again near the end of life.