The poverty income level equals the:
a. average income of the bottom one-tenth of all income recipients.
b. cost of an economical and nutritional food plan for a family multiplied by six.
c. cost of an economical and nutritional food plan for a family multiplied by three.
d. average income of a family headed by a worker who has been unemployed for six months or more.
c
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The equation of exchange states that the price level is equal to
A) the quantity of money. B) velocity of circulation multiplied by the quantity of money divided by real GDP. C) real GDP multiplied by the velocity of circulation divided by nominal GDP. D) the velocity of circulation.
Using the information in Situation 20-2, if taxes increase by $10, then the equilibrium aggregate output will change by
A) -$90. B) -$10. C) $10. D) $90.