In the U.S., the poverty rate is lowest among young families with a head of household under 25.

In the U.S., the poverty rate is lowest among young families with a head of household under 25.
 a. True
  b. False

QUESTION 2

As the wage rate decreases, the amount of time spent on market work usually
 a. increases because the opportunity cost of nonmarket work increases
  b. increases because of the substitution effect
  c. decreases because of the income effect
  d. decreases because the value of leisure time increases
  e. decreases because the opportunity cost of leisure declines

QUESTION 3

Which of the following groups does not support the special interests of the elderly?
 a. the elderly themselves
  b. the relatives of the elderly
  c. the housing industry
  d. doctors and nursing home operators
  e. those under 65 who are concerned about their future benefits

QUESTION 4

As the wage rate falls, a utility-maximizing individual's quantity of labor supplied
 a. increases
  b. decreases
  c. increases if the income effect outweighs the substitution effect
  d. decreases if the substitution effect outweighs the income effect
  e. decreases if the income effect outweighs the substitution effect

QUESTION 5

The decline of the poverty rate for the elderly can be attributed to
 a. Temporary Assistance for Need Families (TANF)
  b. tax increases
  c. Medicaid
  d. the political power of the elderly
  e. increased resource earnings

QUESTION 6

If my wage rate increases, utility maximization requires that my quantity of labor supplied
 a. increase
  b. decrease
  c. increase if the income effect dominates the substitution effect
  d. increase if the substitution effect dominates the income effect
  e. increase if the substitution effect equals the income effect

QUESTION 7

One reason the U.S. government is sensitive to demands by the elderly is that the elderly have higher voter participation rates than members of other age groups.
 a. True
  b. False