In 2017 inflation adjusted U.S. poverty threshold was
A. The cost of food and shelter but not other necessities for an individual.
B. An annual income of less than $25,000 for a family of four.
C. The dollar measure of output produced by an individual.
D. An annual income of less than $10,000 for a family of two.
Answer: B
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The above figures show the market for hamburger meat. Which figure shows the effect when more farmers decide to raise cows that are processed into hamburger meat?
A) Figure A B) Figure B C) Figure C D) Figure D
The above table shows the marginal benefit from submarines for the only two citizens of a country. Submarines are a public good. If submarines cost $100 a piece to produce, what is the efficient quantity of submarines?
A) 0 B) 1 C) 2 D) 3
Which of the following statements concerning the International Monetary Fund is true?
a. The IMF was created to help finance economic development in poor countries. b. One of the principal aims of the IMF is to discourage international trade and encourage countries to become self-sufficient. c. The IMF lends money to countries experiencing large balance-of-payments surpluses. d. When the IMF lends currencies, it always insists on the borrowing country taking action to reduce its balance-of-payments surplus. e. The IMF obtains funds from annual membership fees charged to member countries.
A curve that describes the relationship between income and the amount of a good consumed (holding the consumer's preferences and all other prices fixed) is called:
A. a price-consumption curve. B. the Engel curve. C. an income-consumption curve. D. a budget line.