Let C = 800 + 0.6y and I = 100. Assume no government or foreign sectors. If investment decreases by 40, the equilibrium output decreases by a total of

A typical American family sends about _____% of its budget on services

a. 20% b. 32% c. 66% d. 70%

Which of the following most closely defines the concept of poverty?

a. Poverty means that a person is morally bankrupt and thus is unworthy of social assistance. b. Poverty is a relative term describing the financial insolvency of a person. c. Poverty is a relative term and is based on the level of unemployment in the economy. d. Poverty is a relative term and is based on income considerably below the average in society.