1) The supply of labor generally is considered to be downward-sloping because the opportunity cost of leisure decreases as wages increase.
True False
2) The marginal income tax rate is a person's tax burden as a percentage of total income.
True False
3) The recession that began with a housing market crash in 2009 had the effect of reducing income inequality.
True False
4) Poverty is defined by the U.S. government as having an income equal to or less than three times an average family's minimum food expenditure as calculated by the U.S. Department of Agriculture.
True False