According to the Pew Charitable Trust methodology for identifying the middle class, if people near the boundary between the lowest and the lower middle income class lose income, the middle class will ________
A. increase, and that is unambiguously a good thing.
B. shrink, but that is unambiguously a good thing.
C. shrink, and that is unambiguously a bad thing.
D. increase, and that is unambiguously a bad thing.
Answer: C
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Waldo buys only two items, pretzels and ham sandwiches. Waldo has $24 in income, pretzels cost $0.60 per bag and ham sandwiches cost $2.40 each. Which of the following statements is TRUE for the information given above?
A) Waldo's real income expressed in terms of pretzels is 40 bags of pretzels. B) Waldo's real income expressed in terms of ham sandwiches is 10 ham sandwiches. C) The relative price of a ham sandwich in terms of pretzels is 4 bags of pretzels per ham sandwich. D) All of the above answers are correct.
Refer to the figure above. If A forms a customs union with C, it will import
A) 40 units from B. B) 70 units from C. C) 70 units from each. D) 40 units from B and 70 units from C.