The poverty rate is
a. a measure of income inequality across families.
b. the percentage of the population whose family income falls below a specified level.
c. an absolute level of income set by the federal government for each family size.
d. measured by the number of in-kind transfers that a family receives.
b
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Caroline is an artist. She purchases canvas, paints, brushes, and accessories for $75. She sells one of her original paintings to an art gallery for $1,500, which, in turn, sells it to an art lover for $4,500. How much value does the gallery add?
A) $1,425 B) $1,500 C) $3,000 D) $4,500
If people like their goods in fixed proportions, the two goods are
a. perfect substitutes b. perfect complements c. complements (but not perfect) d. substitutes (but not perfect)