Which of the following statements is FALSE?
A) The official absolute poverty level in the United States is far above the average income of many countries in the world.
B) In a relative sense, the problem of poverty will always exist.
C) An equal distribution of income would eliminate relative poverty.
D) An equal distribution of income would eliminate absolute poverty.
Answer: D
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A seller is willing to sell 5 units of a good at a minimum price of $1 per unit. The reservation value of the seller in this case is:
A) $1. B) $5. C) $6. D) $10.
Which of the following are not valid arguments against the effectiveness of the fiscal stimulus bill?
a. Employment continued to fall into early 2010. b. Without stimulus recessions come to an end naturally. c. State and local government spending increased. d. Monetary policy played a large role in stimulating the economy.