Productivity levels are higher in rich countries compared to poor countries
a. True
b. False
Indicate whether the statement is true or false
True
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The saving rate equals saving divided by:
A. income. B. assets. C. wealth. D. liabilities.
Prices in a market economy perform a rationing function because they reflect
A. the extent to which the goods are necessities. B. the relative scarcity of the goods. C. the strength of the supply curve. D. the demand of all buyers in the market.
Macroeconomics is the study of economics from the standpoint of:
A. a typical firm. B. individual economic units. C. a typical household. D. the overall economy.
Inflation is known as a ________ because it ________
A) tax; redistributes goods and services from households and businesses to the government B) revenue; is the only source of business income for the government C) good thing; keeps the value of goods and services increasing D) bad thing; allows people to obtain the wrong kind of wealth E) tax; redistributes goods and services from the government to households and businesses