The U.S. official poverty threshold is:
A. the level of welfare benefits received by an eligible family.
B. three times the U.S. Department of Agriculture's minimum food budget.
C. three times the U.S. Department of Housing's minimum housing allowance.
D. the level of income earned by a person receiving minimum wage.
Answer: B
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In some cases, social regulation may alter individuals' behavior. For example, there is evidence to indicate that as more automobile safety regulations have been introduced, more individuals have begun to drive recklessly. This phenomenon is known as
A) the feedback effect. B) the share-the-gains effect. C) the share-the-pains effect. D) the capture effect.
Which of the following characterizes a competitive agricultural market?
A. The firm has a downward-sloping demand curve. B. Price is determined by market demand and market supply. C. Economic profit is earned in the long run. D. The market has a horizontal demand curve.