Explain how menu costs affect the slope of the short-run aggregate supply curve.
What will be an ideal response?
Question 2
Absolute poverty measures vary from country to country. For example, in 2015, the poverty line in the United States for a family of four with two children
was an annual income of 24,250 but economists often use a much lower threshold income of 1 per day when calculating the rate of poverty in poor countries. How is this absolute poverty measured?
A) by comparing the amount of goods and services that a household's income can purchase in one country to the amount of goods and services that a household's income can purchase in another country of comparable living standard
B) by comparing the amount of goods and services that a household's income can purchase to an objective measure of the amount of income needed to sustain a certain predetermined standard of living
C) by comparing the percentage of households living below the poverty line to the total population
D) by comparing a household's income to the income required to maintain the average standard of living in a society at a particular time
Sample Menu: Carb Choices
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An Environmental Kuznets Curve
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Construct a Lorenz curve that shows income distribution in this society.