The poverty line is the income level
a. earned by a worker employed full-time at the minimum wage.
b. below which a family is officially considered "poor."
c. above which a family is not entitled to government assistance.
d. that is the average for American families.
b
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If the economy is producing at potential GDP,
A) the Phillips curve must be positively sloped. B) unemployment is at its natural rate. C) inflation in the economy is at its natural rate. D) the short-run aggregate supply curve must be vertical.
If workers and firms know that the Federal Reserve is following an expansionary monetary policy, workers and firms will expect inflation to ________ and will adjust wages so that the real wage ________
A) decrease; decreases B) increase; remains unchanged C) increase; increases D) increase; decreases