Which of the following is most accurate about poverty in the United States as measured by the poverty line?
A. Poverty has steadily declined since the 1950s.
B. Poverty declined through the 1950s and 1960s, but on net has not improved since then.
C. Poverty, on net, has significantly worsened over the last 70 years.
D. The greatest reductions in poverty occurred in the 1980s, but on net have not improved significantly since then.
Answer: B
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In the United States during the 1970s, the unemployment rate rose from previous years, and the inflation rate increased rapidly. This set of events is best described by saying that the
A) the long-run Phillips curve shifted leftward. B) short-run Phillips curve shifted downward. C) economy moved to a lower point on its short-run Phillips curve but the short-run Phillips curve did not shift. D) short-run Phillips curve shifted upward. E) economy moved to a higher point on its short-run Phillips curve but the short-run Phillips curve did not shift.
In the long run in perfect competition, firms will operate at
a. minimum average total cost. b. an average total cost that is just slightly above the minimum. c. an average total cost that is about 10% above the minimum. d. an average total cost that is below price.