The poverty gap is
A. the percentage of people in households with income under the poverty line.
B. that level of income sufficient to provide a family with a minimally adequate standard of living.
C. the amount of money the poor must earn from work.
D. the total amount of money that would have to be transferred to households in poverty to lift them out of poverty.
Answer: D
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How does the original, simplified Keynesian model compare with modern Keynesian analysis?
A) The original Keynesian model assumed price flexibility whereas the modern analysis does not. B) In both cases, the short-run aggregate supply curve (SRAS) is horizontal. C) Modern analysis shows an upward sloping SRAS to reflect some price flexibility. The original Keynesian model's SRAS is horizontal and assumes sticky prices. D) all of the above
If the price of oil goes up by 50% and the quantity demanded goes down by 25%, the absolute value of the price elasticity of demand is
A) 0.25. B) 0.50. C) 0.75. D) 1.00.