Congress commissioned a study to determine what the poverty level or minimum level for subsistence should be for the U.S. population. To what branch of economics does this study correspond?

Suppose a tax equal to the value of the marginal external cost at the optimal output is imposed on a pollution generating good. All of the following will result from the tax except

A) an increase in demand for the good. B) a decrease in the equilibrium quantity produced and consumed. C) an increase in the equilibrium market price. D) a decrease in market supply of the good.

The weight of empirical evidence suggests that in the United States, the real wage rate is

A) acyclical. B) bicyclical. C) procyclical. D) countercyclical.